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S&P upgrades Egypt-based Commercial International Bank's long-term rating

S&P Global Ratings on May 14 upgraded Commercial International Bank (Egypt) SAE's long-term counterparty credit rating to B from B-, following the recent upgrade of Egypt's long-term sovereign credit ratings to B.

The outlook on the rating was revised to stable from positive. The rating agency also affirmed the lender's short-term counterparty credit rating at B.

The stable outlook on the bank reflects S&P's expectation that the bank's financial profile and performance will continue to be highly correlated with the country's credit worthiness. Commercial International Bank faces very high sovereign risk as it holds a high amount of government debt compared with its equity base and earnings capacity, S&P noted.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.