Export Development Bank of Egypt – Outlook Lowered to Negative Following Similar Sovereign Action

Ref: EG0 17 2 1 CRA00-01 2 3 March 2 0 2 3

Export Development Bank of Egypt – Outlook Lowered to Negative Following Similar Sovereign Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Outlook the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Export Development Bank of Egypt (EBank) to Negative from Stable . The change in the outlook follows a recent similar rating action on Egypt’s sovereign outlook. Although Ebank is not directly owned by the government, over 75% of the shares in the Bank are owned by state-owned entities. This factor, and an exposure to Egyptian government debt securities that exceed s the capital base , means that its ratings are closely correlated with that of the sovereign. At the same time, t he Bank’s LT FCR and ST FCR have been affirmed at ‘B+’ and…