Moody's Investors Service has revised all the ratings and ratings of the five Egyptian banks ratings, including the long-term deposit ratings of banks (National Bank of Egypt, Egypt, Cairo, Commercial International Bank, and Alexandria), from "stable" to "negative".
Moody's said in a report that the new rating measures come on the heels of a similar decision to affirm Egypt's rating at Caa1 and change its outlook to "negative" from "stable."
According to the report, the change in the outlook to "negative" reflects the growing risks of continued weakness in Egypt's credit position amid the difficulty of rebalancing the macroeconomic and exchange rate, despite continued fiscal consolidation efforts and support for the formal sector.
Source (Al-Arabiya.net Website, Edited)
