Bank of Alexandria – Outlook Lowered to Negative Following Similar Sovereign Action

Ref : EG 00723PBK 00-01 23 March 202 3

Bank of Alexandria – Outlook Lowered to Negative Following Similar Sovereign Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Outlook on the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Bank of Alexandria (Alexbank) to Negative from Stable . The change in the outlook follows a recent similar rating action on Egypt’s sovereign outlook . The level of Egyptian government securities held by Alexbank is high in relation to capital. Given this factor, we therefore believe there to be a close linkage to the ratings of the s overeign. At the same time, t he Bank’s LT FCR and Short-Term For eign Currency Rating (ST FCR) have been affirmed at ‘B+’ and ‘B’, respectively. CI Ratings has also affirmed Alexbank’s BSR of ‘b+’, Core Financial Strength (CFS) rating of ‘bb’ and…