Capital Intelligence has lowered the long and short-term foreign currency ratings of the Egyptian banks rated at the sovereign ceiling following the recent downgrade in Egypt’s foreign currency ratings.
The country’s previous investment grade ratings of BBB- long-term and A3 short-term were downgraded to BB+ and B respectively. Egypt’s lower ratings reflects growing public indebtedness and continuing concern as to whether the pace and depth of structural reforms will be sufficient to reverse the erosion of sovereign creditworthiness that has occurred in recent years.
Among the banks affected by the downgrade are Arab African International Bank, Bank of Alexandria, Banque du Caire, Banque Misr, Commercial International Bank and Misr International Bank. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
