Export Development Bank of Egypt (EBank) – Ratings Affirmed with a Stable Outlook
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Summary
Ref: EG0 17 2 3CRA 00-01 26 September 2024
Export Development Bank of Egypt (EBank) – Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Export Development Bank of Egypt’s (EBank) Long-term Foreign Currency Rating (LT FCR) and Short-term Foreign Currency Rating (ST FCR) of B’ . At the same time the Bank Standalone Rating (BSR) of ‘b’, Core Financial Strength Rating (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate have also been affirmed . The Outlook on the LT FCR and BSR remains Stable.
Given EBank’s base of operations in Egypt, exposure to Egyptian government debt securities and the governmental and state-owned enterprises (SOE) sectors exceeds the capital base; the ratings are therefore closely correlated with that of the sovereign. The linkage is…