QNB ALAHLI – Ratings Affirmed with a Stable Outlook

Bank of Communications’ 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 QNB ALAHLI (QNA AA) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed QNB AA’s Bank Standalon Rating (BSR) of ‘b+’, Core Financial Strength (CFS) rating of ‘bbb-’ and Extraordinary Support Level (ESL) of High. The Outlook for the ratings remains Stable.

The Bank’s BSR is based on a CFS rating of ‘bbb-’ and an Operating Environment Risk Anchor ( OPERA ) of ‘b’. Egypt’s OPERA reflects the improved – although still high – risk sovereign profile of the country , as well as the adverse impact of Covid-19 on economic activity and credit conditions, government borrowing needs and the balance of payments. These risks are mitigated by…