Bank of Alexandria – Ratings Affirmed with a Stable Outlook

Bank of Alexandria – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Bank of Alexandria ( Alexbank ) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed Alexbank ’s B ank S tandalone R ating ( BSR ) of ‘b+’, C ore Financial Strength ( CFS ) rating of ‘bb’ and E xtraordinary S upport L evel ( ESL ) of High. The Outlook for the LT FCR and BSR remains Stable.

The Bank’s BSR of ‘b+’ is derived from a CFS rating of ‘bb’ and an Operating Environment Risk Anchor (OPERA) of ‘b’. The ESL of High is based on Intesa Sanpaolo (ISP) ownership. CI is of the view that the Italian parent has the capacity and willingness to support the Bank in extremis. However, the LT FCR is not notched up for extraordinary…