In September, global index provider FTSE Russell said it would add Egypt and Pakistan to the watch lists for potential demotion in its equity index suites. Moody’s last week changed Egypt’s outlook to stable despite the downgrade due to the government’s track record of fiscal reform implementation capacity and the launch of the asset sale strategy. The downgrade follows the weakening operating environment and the high interlinkages between the sovereign’s waning creditworthiness. Egypt’s economic outlook darkens as IMF postpones review.Egypt’s bonds fight back after Moody’s downgrade.Moody’s downgrades Egypt on rising borrowing costs.However, it maintained stable outlook for all banks. The ratings agency also downgraded Bank of Alexandria, Italy’s Intesa Sanpaolo subsidiary, to “B3” from “B2”. The long-term bank deposit ratings of the National Bank of Egypt, Banque Misr and Banque Du Caire, and privately-owned Commercial International Bank were lowered to “CAA1” from “B3”. ![]() Moody’s Investors Agency has downgraded five Egyptian banks by one notch, including the largest private bank, after downgrading the country’s credit rating on high inflation and rising borrowing costs. Moody's lowered the rating by one notch for five Egyptian banks, including Banque Misr, which dropped to 'CAA1' from 'B3'
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