National Bank of Egypt – Ratings Affirmed with a Stable Outlook

National Bank of Egypt – Ratings Affirmed with a Stable Outlook

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

The Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of official extraordinary support given NBE’s government ownership and systemic importance as Egypt’s largest bank in terms of assets. While CI considers the Egyptian government willing to provide extraordinary support, its financial capacity may be somewhat limited as indicated by Egypt’s sovereign rating…