Bank of Alexandria – Outlook Revised to Negative Following Similar Sovereign Rating Action

Ref : EG 0072 4 PBK00-0 1 1 3 March 202 4

Bank of Alexandria – Outlook Revised to Negative Following Similar Sovereign Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Outlook on Bank of Alexandria’s (Alexbank) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Negative from Stable . The change follows CI Ratings’ recent revision of the sovereign ratings o utlook to Negative (from Stable) to reflect 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. Although these risks are likely to be temporarily mitigated by substantial inflows of FX from the recently announced new FDI, longstanding structural problems remain.

At the same time, CI has affirmed Alexbank’s LT FCR and BSR at ‘B’ and ‘b’,…