S&P: Egyptian banks on watch

Standard & Poor's said it placed its B long-term and B short-term issuer credit ratings on National Bank of Egypt, Banque Misr and Commercial International Bank (Egypt) SAE on CreditWatch with negative implications.

The agency said this rating action follows the recent placement of the B long-term foreign and local currency sovereign ratings for the Republic of Egypt on CreditWatch with negative implications.

The unsolicited public information Bpi rating on National Societe Generale Bank SAE, the fourth bank that S&P rates in Egypt, is not currently affected because the agency said it does not typically place public information ratings on CreditWatch.

The agency said the long-term ratings on the three affected banks are capped at the level of the sovereign ratings on Egypt and factor in S&P's opinion of the risks related to operating in Egypt.

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