Fitch Affirms Suez Canal Bank At ‘BBB(egy)’; Withdraws Ratings

Fitch Ratings has affirmed and simultaneously withdrawn Suez Canal Bank’s (CANA) National Long-term Rating at ‘BBB(egy)’ with a Negative Outlook, National Short-term Rating at ‘F3(egy)’ and Support Rating at ‘4’.

The affirmation reflects Fitch’s assessment of the likelihood of the bank receiving support from the Egyptian authorities if needed. This assessment is based partly on Suez Canal Bank’s relative importance to the banking system, and on the authorities’ generally supportive stance towards the banking sector. The ratings are limited by constraints on the sovereign’s ability to provide such support. The Negative Outlook reflects that on the sovereign.

Fitch has withdrawn the ratings as Suez Canal Bank has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Suez Canal Bank.