Bank of Alexandria – Ratings Outlook Revised to Stable from Negative
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Ref: EG0072 4PBK 00-0 2 29 August 2024
Bank of Alexandria – Ratings Outlook Revised to Stable from Negative
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on Bank of Alexandria’s (Alexbank) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Stable from Negative. This follows CI Ratings’ recent revision of the outlook for Egypt’s sovereign rating to Stable from Negative.
At the same time CI Ratings has affirmed Alexbank’s LT FCR and BSR at ‘B’ and ‘ b ’, respectively. CI also affirmed Alexbank’s Short-Term (ST) FCR of ‘B’, Core Financial Strength (CFS) rating of ‘bb’, and Extraordinary Support Level (ESL) of High. The LT FCR and BSR are closely correlated with the sovereign’s creditworthiness. Any improvement or deterioration in Egypt’s LT FCR and/or outlook will have a corresponding effect on Alexbank’s…