QNB S.A.E. – Ratings and Outlook Affirmed

20 May 2026

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 S.A.E. (or the Bank) at ‘B’ and ‘B’, respectively. At the same time, CI Ratings has affirmed the Bank’s Bank Standalone Rating (BSR) of ‘b’, Core Financial Strength (CFS) rating of ‘bb+’ and Extraordinary Support Level (ESL) of High. The Outlook on both the LT FCR and BSR remains Stable.

The Bank’s BSR is based on a CFS rating of ‘bb+’ and an Operating Environment Risk Anchor (OPERA) of ‘b’ (indicating high risk), and incorporates the Bank’s capacity to withstand sovereign-induced stress. Egypt’s OPERA reflects a still challenging economic situation, given high, but now declining, inflation, large socio-economic vulnerabilities and most recently, the adverse macroeconomic impacts on Egypt of the US/Israel armed conflict with Iran. Credit challenges,…