Two Egyptian lenders downgraded by Fitch

Egypt: The long-term foreign currency Issuer Default Ratings (IDR) of the National Bank of Egypt (NBE) and Commercial International Bank (CIB) have been downgraded by Fitch Ratings from ‘B’ to ‘B-‘, Ahram has reported. The downgrade was due to the reduced ability of Egyptian authorities to provide support, and the “likely impact of the heightened political uncertainty on the operating environment in Egypt and hence on the banks’ performance and asset quality,” the ratings agency said. “There is high uncertainty over how the risks resulting from the military coup evolve over the short term and the eventual pathway to a peaceful political transition,” Fitch said. []

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