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

Ref: EG 025 21 CRA00-01 23 March 2 0 2 3

National 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 on the Long-Term Foreign Currency Rating ( LT FCR ) and Bank Standalone Rating ( BSR ) of National Bank of Egypt (NBE) to Negative from Stable. The change in the outlook follows a recent similar rating action on Egypt’s sovereign outlook earlier this month. NBE’s size, ownership and high level of holdings of Egyptian government debt means that its ratings are inevitably closely correlated with those of the sovereign. NBE is also a leading banker to state-owned enterprises, intensifying the linkage with the sovereign. The Bank’s LT FCR and Short-Term Foreign Currency Rating ( ST FCR ) have been affirmed at ‘B+’ and ‘B’, respectively. CI Ratings has also affirmed NBE’s…