Fitch downgrades three Egyptian banks, keep negative outlook

Ahram Online, Wednesday 20 Jun 2012

Financial institutions take a further hit, as ratings agency makes new amendments on the back of renewed political turmoil

Global ratings agency Fitch has downgraded the long-term foreign currency rating for three Egyptian banks from  'B+' to 'BB-' while keeping their outlook negative.

The affected banks are the state-owned National Bank of Egypt (NBE), its wholly-owned subsidiary NBE UK, and the Commercial International Bank (CIB).
The downgrade follows similar actions taken on Egypt's long-term foreign currency IDR, long-term local currency and country ceiling, whereby all three were downgraded from 'B+ Negative' to 'BB Negative' on 15 June.
Fitch affirmed the present National Ratings for the three banks, as it also did for Crédit Agricole Egypt and Suez Canal Bank.
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