Bank of Alexandria – Ratings Affirmed ; Outlook Remains Negative

Ref : EG 0072 2CRA 00-01 2 2 August 202 3

Bank of Alexandria – Ratings Affirmed ; Outlook Remains Negative

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 t ime, CI Ratings has affirmed Alexb ank’s Bank Standalone Rating (BSR) of ‘b+’, C ore F inancial S trength (CFS) rating of ‘bb’ and E xtraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR remains Negative.

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 considers that the Italian parent has the capacity and willingness to provide extraordinary support…