Moody’s Keeps Egyptian Banks Rating Unchanged, Lowers Long-term Deposits to Negative

Moody's kept the credit ratings of 5 Egyptian banks unchanged, but changed its outlook on the banks' long-term deposit ratings to negative instead of stable.

The credit rating agency said that it maintained the long-term deposit rating of three government banks, namely the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire, as well as the Commercial International Bank (CIB) at “Caa1.” It also kept the rating of the Bank of Alexandria at “B3.”

Last week, Moody's lowered its outlook on the classification of Egyptian government issues to “negative” from “stable,” and confirmed the long-term rating of foreign and local currency issues at “Caa1.”