CAIRO - Moody's downgraded five Egyptian banks, including the largest private bank, after it downgraded the country's sovereign rating over its worsening debt affordability. The agency set National Bank of Egypt, Banque Misr, Banque Du Caire and Commercial International Bank to CAA1 from B3, Moody's said in an investor note seen by Reuters on Wednesday. Bank of Alexandria was downgraded to B3 from B2. (Reporting by Nadine Awadalla and Patrick Werr, Editing by Louise Heavens)

Source: The North Africa Journal October 11, 2023 18:43 UTC