Fitch rates National Bank of Egypt notes BB+

Fitch Ratings said it assigned an expected BB+ rating to the National Bank of Egypt's forthcoming dollar-denominated medium-term notes.

The bank has a BB+ long-term issuer default rating, B short-term issuer default rating, D individual rating, 3 support rating, AA(egy) national long-term rating and F1+(egy) short-term rating.

The outlook is stable.

The notes will be issued by a special-purpose entity, Nile Finance Ltd., and guaranteed by the bank. The rating is therefore in line with the bank's long-term issuer default rating, the agency said.

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