Fitch affirms NBE, CIB, Credit Agricole Egypt, ‘stable outlook’

Fitch Ratings has affirmed on Tuesday the Long-Term Issuer Default Ratings (IDRs) of National Bank of Egypt (NBE) and Egypt-based Commercial International Bank (CIB) at ‘B’. The Outlooks are stable.

Fitch has also affirmed Credit Agricole Egypt’s (CAE) Support Rating at ‘4’ and its National Long- and Short-Term Ratings at ‘AA+(egy)’ and ‘F1+(egy)’, respectively.

The Long-Term IDR of National Bank of Egypt (UK) Ltd (NBEUK), a wholly owned subsidiary of NBE, has been affirmed at ‘B’ with Stable Outlook and its Support Rating has been affirmed at ‘4’.

The ‘B(EXP)’ expected rating assigned to NBE’s proposed US dollar senior unsecured bond issuance, via its Cayman Islands-based SPV Nile Finance Limited, has been withdrawn as this issuance is not expected to proceed.