Bank of Alexandria – Outlook Revised to Negative Following Similar Sovereign Rating Action

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Outlook on Bank of Alexandria's (Alexbank) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Negative from Stable. The change follows CI Ratings' recent revision of the sovereign ratings outlook to Negative (from Stable) to reflect 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. Although these risks are likely to be temporarily mitigated by substantial inflows of FX from the recently announced new FDI, longstanding structural problems remain.

Attachments

• Rating Announcement (CRA)
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