Moody's Ratings (Moody's) has today affirmed all ratings and assessments of the five rated Egyptian banks, including the Caa1 long-term deposit ratings of National Bank of Egypt SAE (NBE), Banque Misr SAE (BM), Banque du Caire SAE (BdC) and Commercial International Bank (Egypt) SAE (CIB); and the B3 long-term deposit ratings of Bank of Alexandria SAE (BoA). As part of the same rating action Moody's has changed the outlook on the banks' long-term deposit ratings to positive from negative.

The rating action follows Moody's decision to affirm Egypt's Caa1 rating and change its outlook to positive from negative (please see "Moody's changes outlook on Egypt to positive, affirms Caa1 ratings", 7 March 2024, https://ratings.moodys.com/ratings-news/416475). The change in outlook to positive reflects the very large foreign direct investment contribution by the United Arab Emirates, and the marked change in economic policy with a large devaluation of the currency and increase in interest rates that, if maintained, will help Egypt maintain an upsized IMF program.