Fitch affirms credit ratings of Credit Agricole, National Bank of Egypt

Fitch Ratings has affirmed the long-term issuer default rating for Credit Agricole Egypt (CAE) at 'AA+’ with a ‘stable outlook,’ the agency said in a press release. The agency has also affirmed its rating for the National Bank of Egypt (NBE) at 'B+' with a stable outlook. “The ratings of CAE, [the latter], reflect potential support from its ultimate shareholder, France's Credit Agricole.” The ratings of NBE, meanwhile, are “underpinned by potential support from the Egyptian authorities.”