Moody’s changes view on Egyptian banks

Moody's Investors Service said it affirmed the B3 long-term local currency deposit ratings of National Bank of Egypt SAE, Banque Misr SAE and Banque Du Caire SAE and Commercial International Bank (Egypt) SAE and changed the outlooks to positive from stable.

Bank of Alexandria SAE's B2 long-term local currency deposit rating was also affirmed with the outlook changed to positive from stable.

The agency said the actions follow the affirmation of the Egyptian government's issuer rating at B3 and outlook change to positive from stable.

Moody’s said the actions reflect a view that the government's improving creditworthiness positively supports the standalone credit profile of the banks given the high credit linkages between their balance sheets and sovereign credit risk and strengthens the government's capacity to provide support to the banks in case of need.

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