Fitch affirms National Bank of Egypt

Fitch Ratings said it affirmed National Bank of Egypt's long-term issuer default rating at BB, short-term issuer default rating at B, national long-term rating at AA(egy), national short-term rating at F1+(egy) and senior unsecured debt ratings at BB.

The outlook is negative.

The affirmation concludes the Rating Watch negative on the bank.

The ratings are in line with Egypt's long-term foreign-currency issuer default rating and are driven by the moderate probability of support from the Egyptian authorities, in case of need, Fitch said.

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