Arab Finance: Moody's Investors Service has cut the long-term bank deposit ratings of five private and public Egyptian banks by one notch, according to a statement on February 9^th.

The long-term bank deposit of National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Commercial International Bank (CIB) was slashed to B3 from B2. Bank of Alexandria's long-term bank deposit was trimmed to B2 from B1.

Meanwhile, Moody’s also downgraded the Baseline Credit Assessments (BCAs) of the five Egyptian lenders to B3 from B2.

Moody’s said that downgrading the long-term ratings of the five Egyptian lenders reflects “the weakening operating environment, as captured by Moody's lowering of its Macro Profile for Egypt to "Very Weak+" from "Weak-"; and the high interlinkages between the sovereign's weakened creditworthiness – as indicated by the downgrade of the sovereign rating to B3 from B2 – and the banks' balance sheets, given the banks' significant holdings of sovereign debt securities.”

On the other hand, Moody's has changed the outlook to stable from negative on the banks' deposit ratings.

On February 8^th, Moody's downgraded Egypt’s long-term foreign- and local-currency issuer ratings to B3 from B2, changing its outlook to stable from negative.

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