Moody's continues Egyptian bank review

Moody's Investors Service said it extended the review for downgrade of the local-currency and foreign-currency deposit ratings of the following Egyptian banks: National Bank of Egypt SAE; Banque Misr SAE; Banque du Caire SAE; Commercial International Bank (Egypt) SAE; and Bank of Alexandria SAE.

Moody's said the extension follows its extension of the review of Egypt's B2 sovereign debt ratings and the relevant country ceiling for foreign-currency deposit ratings.

The banks' high and increasing exposures to Egyptian government securities and government-related instruments link the banks' standalone credit profiles to the sovereign's creditworthiness and elevate the banking system's susceptibility to event risk, Moody's said.

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