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Moody's cuts some Egypt banks
Moody's Investors Service said it downgraded the long-term global local-currency deposit ratings of three Egyptian banks and has confirmed those of the two other rated banks, concluding the review for possible downgrade that began in July.
The downgrade reflects a view that Egypt's ability to provide support to its banking system, if needed, is more closely aligned with the government's own debt capacity, Moody's said.
National Bank of Egypt's global local-currency deposit ratings were downgraded to Baa2/prime-2 from Baa1/prime-2. The outlook is stable. Its D- bank financial strength rating and Ba2/not-prime foreign-currency deposit ratings remain unchanged.
Banque Misr's global local-currency deposit ratings were confirmed at Baa2/prime-2. The outlook is stable. Its D- bank financial strength rating and Ba2/not-prime foreign-currency deposit ratings remain unchanged.
Banque du Caire's global local-currency deposit ratings were downgraded to Baa3/prime-3 from Baa2/prime-2. The Ba2/not-prime foreign-currency deposit ratings remain unchanged. The outlook is stable. The bank's D- bank financial strength rating remains unchanged with a positive outlook assigned.
Bank of Alexandria's global local-currency deposit ratings were confirmed at Baa2/prime-2. The outlook is stable. The bank's D bank financial strength rating and Ba2/not-prime foreign-currency deposit ratings remain unchanged.
Commercial International Bank's global local-currency deposit ratings were downgraded to Baa2/prime-2 from Baa1/prime-2. The outlook is stable. Its C- bank financial strength rating and Ba2/not-prime foreign-currency deposit ratings remain unchanged.
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