Fitch changes outlooks on two Egyptian Banks and one UK Bank to stable

This action follows a similar change in outlook on Egypt's 'BB+' long-term foreign currency IDR on 18 August 2008.

The three banks are Commercial International Bank (CIB), National Bank of Egypt (NBE), and National Bank of Egypt UK (NBEUK), a wholly-owned UK subsidiary of NBE, which were all previously on positive outlook in line with the Egyptian sovereign.

CIB's Issuer Default Ratings (IDR) and National ratings are based on its intrinsic financial strength; its long-term IDR is constrained by the Egyptian Country Ceiling of 'BB+'. NBE's IDRs are driven by moderate potential sovereign support based on its systemic importance in Egypt, its 100% government ownership and close relationship with the authorities. NBE UK's IDRs are also driven by moderate potential support from NBE and ultimately, from the Egyptian authorities based on its reputational importance to both NBE and the Egyptian authorities.

The ratings are as follows:

- Commercial International Bank (CIB):

Long-term IDR: affirmed at 'BB+'; Outlook changed to Stable from Positive

Short-term IDR: affirmed at 'B'

National Long-term rating: affirmed at 'AA(egy)' Outlook Stable

National Short-term rating: affirmed at 'F1+(egy)'

Individual rating: affirmed at 'C'

Support rating: affirmed at '3'

Support Rating Floor: affirmed at 'BB'

- National Bank of Egypt (NBE):

Long-term IDR: affirmed at 'BB+'; Outlook changed to Stable from Positive

Short-term IDR: affirmed at 'B'

National Long-term rating: affirmed at 'AA(egy)' Outlook Stable

National Short-term rating: affirmed at 'F1+(egy)'

Individual rating: affirmed at 'D/E'

Support rating: affirmed at '3'

Support Rating Floor: affirmed at 'BB+'

- National Bank of Egypt UK (NBEUK):

Long-term IDR: affirmed at 'BB+'; Outlook changed to Stable from Positive

Short-term IDR: affirmed at 'B'

Individual rating: affirmed at 'C/D'

Support rating: affirmed at '3'