Middle East Economic Survey


No 45



Moodys Downgrades Five Egyptian Banks

Moodys Investors Service on 1 November downgraded the local currency deposit ratings of five Egyptian banks: National Bank of Egypt to B1 from Ba3; Banque Misr to B1 from Ba3; Banque du Caire to B1 from Ba3; Commercial International Bank (Egypt) to Ba3 from Ba2; and Bank of Alexandria to Ba2 from Ba1. The foreign currency deposit ratings for these banks were also downgraded to B2 from B1. The...