Moody's takes actions on five Egyptian banks

Moody's Investors Service said it took the following actions on five Egyptian banks:

• National Bank of Egypt SAE, Banque Misr SAE and Banque Du Caire SAE: Lowered the government-owned banks' standalone credit assessments to B3 from B2 and confirmed their long-term local-currency deposit ratings at B2 with a negative outlook;

• Commercial International Bank (Egypt) SAE: Lowered the bank's standalone credit assessment to B2 from B1 and downgraded the long-term local-currency deposit rating to B2 with a negative outlook from B1; and

• Bank of Alexandria SAE: Confirmed all the bank's ratings, including its B2 standalone credit assessment and Ba3 local-currency deposit rating with a negative outlook.

Moody's said the actions reflect the banks' high exposures to B2-rated Egyptian government securities and the weak capital buffers of government-owned banks in the context of the challenging domestic operating environment.

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