Commercial International Bank – Ratings Outlook Revised to Stable from Negative
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Ref: EG0112 4 PBK00-0 2 29 August 202 4
Commercial International Bank – Ratings Outlook Revised to Stable from Negative
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 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 the LT FCR and BSR at ‘B’ and ‘ b ’, respectively . CI has also affirmed the Bank’s Short-Term (ST) FCR of ‘B’, Core Financial Strength ( CFS ) rating of ‘bb+’, and Extraordinary Support Level ( ESL ) of Moderate. CIB ’s LT FCR and BSR are currently constrained by Egypt ’s sovereign rating of ‘ B’ and are also closely correlated with the sovereign’s…