Banque du Caire – Ratings Affirmed with a Stable Outlook

Banque du Caire – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque du Caire (BdC) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed BdC’s Bank Standalone Rating ( BSR ) of ‘b’, Core Financial Strength ( CFS ) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR remains Stable.

The Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of official extraordinary support given BdC’s effective state ownership. While CI considers the Egyptian government willing to provide extraordinary support, its financial capacity may be limited as indicated by E gypt’s sovereign ratings (‘B+’/‘B’/ Stable). BdC’s BSR is derived from a CFS rating of ‘bb-’ and …