Moody's Investors Service has changed the outlook for Egyptian American Bank's (EAB) D+ financial strength rating to stable from negative. The outlook for EAB's Ba2/Not-Prime foreign currency deposit ratings remains unchanged, at stable.
Moody's explains that negative rating pressures have subsided as EAB has strengthened its loan-loss provision reserves and re-focused on its strategic plans, following a period of uncertainty during the unsuccessful attempt to find a strategic partner.
Moody's expects EAB's future performance to improve as a result of reduced provisioning requirements and growing consumer-lending business, which should support the bank's future earning power.
Egyptian American Bank is headquartered in Cairo, Egypt, and had total assets of 9.241 million Egyptian pounds ($1.53 billion) as of June 30, 2003. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
