National Bank of Egypt – Bank Standalone Rating Raised

National Bank of Egypt – Bank Standalone Rating Raised

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong-Term Foreign Currency Rating (L T FCR ) and S hort-Term Foreign Currency Rating (S T FCR ) of National Bank of Egypt (NBE) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has raised NBE’s B ank Standalone Rating (BSR) to ‘b+’ (from ‘b’) and C ore Financial Strength (C FS ) rating to ‘bb’ (from ‘bb-’) . The E xtraordinary Support Level (ESL) of Moderate, and the Stable Outlook for the LT FCR and BSR have been affirmed.

Although most of the Bank’s financial metrics have been stable for several years, their resilience over a period in which the operating environment has been difficult is impressive. With the negative impact of Covid-19 lessening, the CFS has be en raised to reflect this resilience and our expectation of improved…