Egyptian banks, Egypt, Moodys's, Bank of Alexandria, Commercial International Bank, National Bank of Egypt, Banque Misr, Banque du Caire, Commercial International Bank | alifarabia

Moody’s Investors Service has today downgraded the local-currency (LC) deposit ratings of the following five Egyptian banks:

– National Bank of Egypt (NBE) to B1 from Ba3

– Banque Misr (BM) to B1 from Ba3

– Banque du Caire (BdC) to B1 from Ba3

– Commercial International Bank (Egypt) SAE (CIB) to Ba3 from Ba2

– Bank of Alexandria SAE (BoA) to Ba2 from Ba1.

The foreign-currency (FC) deposit ratings of all these banks were also downgraded to B2 from B1, capped by Egypt’s FC bank deposit ceiling.

The rating actions follow Moody’s decision to downgrade Egypt’s government bond ratings to B1 from Ba3, and the downgrade of the country ceiling on FC bank deposits to B2 from B1 (see “Moody’s downgrades Egypt’s debt rating to B1, negative outlook”, published on 27 October 2011).

All of the banks’ deposit ratings carry a negative outlook. For a full list of affected ratings, please refer to the end of this press release.

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