Five Egyptian lenders downgraded by Moody's

Sun, Feb 17 - 2013

Credit rating agency Moody's Investors Service has downgraded the standalone credit assessment of five Egyptian banks, Ahram has reported. Moody’s downgraded the National Bank of Egypt, Banque du Caire, and Banque Misr to ‘Caa2’ from ‘B3.’ It also downgraded Commercial International Bank and Bank of Alexandria to ‘B3’ from ‘B2.’ Moody's said further downgrading is expected if the banks’ loss absorption capacity weakens. Improvements in the macroeconomic environment could upgrade Egypt's bank ratings Moody's said.

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