Banque du Caire - Ratings Adjusted Following Lowering of Egypt Sovereign Rating

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating (LT FCR) of Banque du Caire (BdC) to 'B' from 'B+'. The change in the LT FCR follows a recent similar rating action on Egypt's sovereign rating ('B'/'B'/Stable) on 1 September 2023, reflecting the increase in Egypt's external financing risks due to the country's high external financing needs and risks to the sufficiency and timeliness of financing inflows. The change in the Bank's LT FCR reflects CI's view that downside risks for the banking system have increased and this is likely to now pressure BdC's credit profile due to ongoing risks to macroeconomic stability.

Attachments

• Rating Announcement (CRA)
  PDF Download Available
  
• Bank Rating Report (Egypt, Banque du Caire)
  Purchase Available - View price list