Arab African International Bank – Ratings Adjusted Following Lowering of Egypt Sovereign Rating

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Arab African International Bank – Ratings Adjusted Following Lowering of Egypt Sovereign Rating

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Arab African International Bank (AAIB) to ‘B’ and ‘b’ , respectively , from ‘B+’ and ‘b+’ . The change in the LT FCR and BSR follows a recent similar rating action on Egypt’s sovereign rating (‘B’/‘B’/Stable) on 1 September 2023 , reflecting the increase in Egypt’s external financing risks due to the country’s high external financing needs and risks to the sufficiency and timeliness of financing inflows. The change in the Bank’s LT FCR and BSR reflects CI’s view that downside risks for the banking system have increased and this is likely to pressure AAIB’s credit profile due to…