The agency affirmed its global long- and short-term issuer credit ratings on these banks at“B/B”. This follows the agency's revision of its outlook for Egypt from stable to negative on 21 April, while maintaining the country's local and foreign currencies credit ratings at“B”. S&P indicated that any decrease in Egypt's sovereign credit rating will negatively impact the banks' stand-alone credit profiles as the country's creditworthiness affects the rating of Egyptian banks. S&P maintained that NBE, Banque Misr, and CIB's ratings could be lowered in the next 12 months if Egypt receives a negative rating or the operating environment becomes less supportive for banks.
