Cairo – Mubasher: Capital Intelligence Ratings (CI Ratings) has affirmed the Commercial International Bank – Egypt’s (CIB) long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) at 'B+' and 'B', respectively.
Moreover, CIB's bank standalone rating (BSR) has also been maintained at 'b+', core financial strength (CFS) rating at 'bbb-', and extraordinary support level (ESL) at ‘Moderate’, according to a statement on Thursday. The outlook for the LT FCR and BSR is kept at stable.
The stable outlook reflects CI’s expectation that the ratings will remain unchanged over the coming 12 months thanks to CIB's strong credit risk profile.
“We expect key profitability metrics and capital adequacy to remain strong and liquidity to be maintained at sound levels. The increase expected in new problem loans is mitigated by the bank's strong LLR [loan loss reserve] cover, robust operating profitability, and strong CAR [capital adequacy ratio].”