Fitch downgrades ratings on four Egyptian banks

Ratings agency Fitch has downgraded its credit ratings on four Egyptian banks, including the largest private bank, citing increased risks to external financing, macroeconomic stability and the trajectory of already high government debt.

Fitch late on Monday lowered state banks National Bank of Egypt (NBEGPT.UL), Banque Misr and Banque Du Caire (BQDC.CA) and privately held Commercial International Bank (CIB) (COMI.CA) to B- from B with a stable outlook.

Fitch on Nov. 3 downgraded the country's sovereign rating. Moody's and S&P similarly downgraded Egypt's sovereign rating and banks deeper into junk territory last month.