S&P affirms Egyptian banks

Standard & Poor's said it affirmed its B/B long- and short-term counterparty credit ratings on National Bank of Egypt, Banque Misr and Commercial International Bank (Egypt) SAE.

The agency said it also removed the ratings on these banks from CreditWatch, where they had been placed with negative implications on June 26. The outlook on the banks is negative

S&P's unsolicited public information Bpi rating on National Societe Generale Bank SAE is not affected because the agency does not typically use modifiers, outlooks or CreditWatch placements for pi ratings.

The agency said the rating actions follow its affirmation of the ratings on the Republic of Egypt. S&P said it believes that the ruling political forces, namely the Muslim Brotherhood and the senior ranks of the Egyptian military are moving toward a working arrangement, which could lead to the authorities addressing some of Egypt's pressing structural challenges and stemming the deterioration in government and external finances.

S&P said the risk of deteriorating sovereign creditworthiness remains, but its immediacy has decreased.

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