Commercial International Bank – Outlook Lowered to Negative Following Similar Sovereign Action
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Ref: EG01123PBK00-01 23 March 2023
Commercial International Bank – Outlook Lowered to Negative Following Similar Sovereign Action
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Outlook on the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Commercial International Bank (CIB) to Negative from Stable. The change in the outlook follows a recent similar rating action on Egypt’s sovereign outlook . The level of Egyptian government securities held by C IB is high in relation to capital. Given this factor, we therefore believe there to be a close linkage to the ratings of the s overeign. The Bank’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at ‘B+’ and ‘B’, respectively. CI Ratings has also affirmed C IB’s BSR of ‘b+’, Core Financi al Strength (CFS) rating of ‘bb b- ’ and Extraordi nary Support…