Export Development Bank of Egypt – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Export Development Bank of Egypt’s (EBank or the Bank) at ‘B’. At the same time, CI Ratings has affirmed EBank’s Bank Standalone Rating (BSR) of ‘b’, Core Financial Strength Rating (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook on the LT FCR and BSR remains Stable.

The Bank’s BSR of ‘b’ is derived from a CFS rating of ‘bb-’ and the constraints imposed by Egypt’s Operating Environment Risk Anchor (OPERA) of ‘b’. The Moderate ESL would normally allow for a one-notch uplift for the Bank’s LT FCR. However, as the BSR is already set at the sovereign level, no uplift is possible. The CFS is supported by generally satisfactory financial metrics, and in particular good liquidity and sound profitability. The CFS is also supported by…