Moody's Investors Service in a major move has downgraded the local-currency (LC) deposit ratings of five Egyptian banks following the downgrade to B1 of the Egyptian government bond ratings.
These include National Bank of Egypt (NBE) which has been downgraded to B1 from Ba3; Banque Misr (From B1 from Ba3); Banque du Cairo; Commercial International Bank (Egypt) (From Ba3 from Ba2) and Bank of Alexandria (From Ba2 from Ba1).
Copyright 2011 Al Hilal Publishing & Marketing Group Source: http://www.albawaba.com/moodys-downgrades-five-egyptian-banks-399820
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