Moody's Investors Service Monday lowered the ratings of five major Egyptian banks on the likelihood that the economy will weaken, while it warned in a separate report that the escalating tension in Bahrain could mean bad news for its banks.
Also Monday, Standard & Poor's assigned negative outlooks to five Tunisian banks, saying the political and economic legacy of the ousted Ben Ali regime and the precipitous transfer of power "have, in our view, damaged Tunisia's prospects for growth, public finances, and external balance."
In a statement, Moody's announced downgrades to the foreign currency deposit ratings -- by one notch to B1 from Ba3 -- of National Bank of Egypt; Banque Misr; Banque du Caire; Commercial International Bank; and Bank of Alexandria.
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