Export Development Bank of Egypt – Ratings Adjusted Following Lowering of Egypt Sovereign Rating

Ref: EG0 17 2 2PBK00-01 12 September 2 0 2 3

Export Development Bank of Egypt – Ratings Adjusted Following Lowering of Egypt Sovereign Rating

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating (LT FCR) of Export Development Bank of Egypt (E b ank ) to ‘B’ , from ‘B+’ . T he change in the LT FCR follows the recent lowering of Egypt’s Sovereign LT FCR to ‘B’ (from ‘B+’) on 1 September 2023 . The sovereign downgrade reflects the increase in Egypt’s external financing risks due to the country’s high external financing needs and risks to the sufficiency and timeliness of financing inflows. In turn , t he adjustment of Ebank’s LT FCR reflects CI’s view that downside risks for the banking system have increased and this is likely to now pressure the Bank’s credit profile…