Fitch affirms National Bank of Egypt

Fitch Ratings said it affirmed National Bank of Egypt UK's long-term issuer default rating at BB+ and short-term issuer default rating at B.

The outlook is positive.

The ratings reflect Fitch's view of the moderate probability of support that would flow to the bank, ultimately from the Egyptian authorities, via its 100% owner, National Bank of Egypt.

The ratings also consider the bank's moderate, though improving, profitability and concentrations on both sides of the balance sheet, the agency said.

However, they also recognize its strong balance sheet liquidity, good asset quality and adequate capitalization, Fitch added.

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