Arab Finance: S&P Global Ratings has lowered its long-term ratings of three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB), to B- from B, with a stable outlook, the agency stated.

Meanwhile, the rating agency has affirmed its short-term issuer credit ratings on the three banks at B.

The downgrade resulted from delays in the execution of monetary and structural reforms which aggravated imbalances in the currency market and impacted the net foreign asset position of systemic banks.

The agency considered the government’s high debt servicing costs as a potential challenge to debt sustainability.

S&P Global downgraded previously Egypt’s long-term foreign and local currency sovereign credit ratings to B- from B, with a stable outlook.

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