S&P downgrades outlooks on 3 Egyptian banks to negative

S&P Global Ratings has downgraded its outlooks on three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank - Egypt (CIB), to negative from stable, the US-based credit ratings agency said in a note on April 28th.

Meanwhile, the agency has affirmed its global long- and short-term issuer credit ratings on these banks at “B/B”.

This follows the agency’s revision of its outlook for Egypt from stable to negative on April 21st, while maintaining the country’s local and foreign currencies credit ratings at “B”.