Commercial International Bank – Ratings Outlook Revised to Negative Following Similar Sovereign Rating Action

Ref: EG0112 4 PBK00-0 1 1 3 March 2024

Commercial International Bank – Ratings Outlook Revised to Negative Following Similar Sovereign Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on Commercial International Bank’s (CIB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Negative from Stable . The change follows CI Ratings’ recent revision of Egypt’s sovereign ratings outlook to Negative (from Stable), to reflect the increase in the country’s external financing risks due to high external financing needs and risks to the sufficiency and timeliness of financing inflows. Although these risks are likely to be temporarily mitigated by substantial inflows of FX from the recently announced new FDI, longstanding structural problems remain.

At the same time , CI has affirmed CIB’s LT FCR and BSR at ‘B’…