Fitch Ratings has, withdrawn its ratings for Egyptian American Bank (EAB) at the request of the bank's management, stated a press release.
At the time of the withdrawal, EAB's Long-term foreign currency rating was BB+ Short-term B, Support 3 and National Long- and Short-term A+ and F1 respectively.
These ratings reflected EAB's reasonably strong franchise in Egypt, good capitalization of 18.37 percent at end-2001, and involvement of shareholders through the secondment of senior management. However, they also take account of profit pressures and a deteriorating loan quality trend in the current difficult operating environment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
