Fitch Downgrades Credit Rating of Major Egyptian Banks

The agency "Fitch" has downgraded the credit rating of four Egyptian banks, including the largest private bank in the country, citing increased risks to external financing, macroeconomic stability, and already high government debt levels. Late on Monday, Fitch downgraded the rating of both the National Bank of Egypt, Bank Misr, and Bank of Cairo, which are government banks, as well as the private Commercial International Bank to "B-" from "B" with a stable outlook. On November 3, Fitch also downgraded Egypt's credit rating. Similarly, "Moody's" and "Standard & Poor's" downgraded Egypt's credit rating and the four banks to a high-risk area last month.