Moody's Investors Service moved Egypt's sovereign ratings and ceilings back to stable from negative in a report issued last week. Moody's ratings reflect the rating agency's outlook on fundamental credit conditions in the banking sector into the next year, so this new rating action indicates that the sector should be out of trouble for the time being. "Today's rating action was primarily motivated by the easing of inflation in Egypt since its peak in August 2008, the government's efforts to contain fiscal pressures, and the relative resilience displayed by Egypt's economy and banking system in the face of recent global economic turmoil, said Tristan Cooper, Moody's head analyst for Middle East Sovereigns. Egypt's rating was changed to negative in June 2008 after persistent problems with inflation and high government deficits resulting from the onset of the financial crisis called the integrity of the banking system into question.