S&P cuts three Egyptian banks

Standard & Poor's said it lowered its long-term counterparty credit ratings on National Bank of Egypt, Banque Misr and Commercial International Bank (Egypt) SAE to CCC+ from B-.

S&P affirmed the short-term counterparty credit ratings on the three banks at C.

The outlooks are stable.

The agency said it also lowered its unsolicited public information rating on National Societe Generale Bank SAE to CCCpi from pi. Typically, it does not use modifiers, outlooks or CreditWatch placements for pi ratings.

S&P said the actions follow its lowering of the ratings on the Arab Republic of Egypt.

The agency believes that the likelihood of the Egyptian authorities meeting their fiscal targets, easing external pressures and strengthening the social contract has deteriorated.

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