Fitch upgrades two Egyptian banks on sovereign upgrade

Fitch Ratings has upgraded the Long-term Issuer Default Ratings (IDR) of National Bank of Egypt SAE (NBE) and Egypt-based Commercial International Bank (CIB) to 'B' from 'B-' with Stable Outlook. At the same time, we have upgraded NBE's Viability Rating (VR) to 'b' from 'b-' and affirmed CIB's VR at 'b'. We have also upgraded NBE's and CIB's Support Ratings to '4' from '5' and revised the Support Rating Floors (SRF) to 'B' from 'B-'. NBE's National Long-term Rating has been upgraded to 'AA(egy)' from 'AA-(egy)'. We have affirmed Credit Agricole Egypt's (CAE) Support Rating at '4' and its National Long- and Short-term Ratings at 'AA+(egy)' and 'F1+(egy)', respectively. The Long-term IDR of National Bank of Egypt (UK) Ltd (NBEUK), a wholly-owned subsidiary of NBE, has been upgraded to 'B' from 'B-' with Stable Outlook.