Arab Finance: Fitch Ratings has downgraded the long-term issuer default ratings (IDRs) of three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Banque Du Caire, to ‘B-’ from ‘B’, with stable outlooks, according to a rating action commentary on November 13^th.

The viability ratings (VRs) of the banks were also trimmed to ‘b-’ from ‘b’, as well as the Government Support Ratings (GSRs) to ‘no support’ from ‘b-’.

The downgrades indicate risks due to the country’s increased external financing requirements.

They also reflect the connection between the sovereign’s and the three banks’ credit profiles.

On November 3^rd, the agency downgraded Egypt’s long-term foreign-currency IDR to ‘B-’ from ‘B’, with a stable outlook.

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