Export Development Bank of Egypt – Ratings Outlook Revised to Stable Following Similar Sovereign Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on Export Development Bank of Egypt’s (EBank) Long-term Foreign Currency Rating (LT FCR) and Bank Stand-alone Raring (BSR) to Stable from Negative. This follows CI Ratings’ recent revision of the outlook for Egypt’s sovereign rating to Stable from Negative.

At the same time, CI has affirmed Ebank’s LT FCR and BSR at ‘B’ and ‘b’, respectively. CI has also affirmed the Bank’s Short-Term (ST) FCR) of B’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. Given that EBank’s exposure to Egyptian government debt securities and the governmental and SOE (state-owned enterprises) sectors exceeds the capital base, its ratings are closely correlated with that of the…