Arab Finance: Moody’s Investors Services has downgraded the long-term bank deposit ratings of five Egyptian banks, with a stable outlook, according to a press release.

The agency has lowered the ratings of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to Caa1 from B3, while downgraded the rating of the Bank of Alexandria (ALEXBANK) to B3 from B2.

Moreover, the Baseline Credit Assessments (BCAs) of all five banks have been downgraded to Caa1 from B3.

The decision came days after the agency lowered Egypt’s long-term foreign- and local-currency issuer ratings to Caa1 from B3, with a stable outlook.

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