Moody’s changes outlook for 5 Egyptian banks to negative

The decision came days after the agency lowered Egypt’s outlook from stable to negative

Staff Writer, Arab Finance

January 24, 2024

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Arab Finance: Moody’s Investors Services has affirmed the long-term bank deposit ratings of five Egyptian banks, while it downgraded their outlook from stable to negative, Asharq Business reported.

The agency has maintained the ratings of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) at Caa1 and Bank of Alexandria (ALEXBANK) at B3.

The decision came days after the agency lowered Egypt’s outlook from stable to negative, citing growing concerns about the country's credit profile.

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