Fitch Assigns Ratings to Al Watany Bank of Egypt
The London-based FitchRatings agency and Nile Rating have assigned to Al Watany Bank of Egypt (AWB) national short-term and long-term ratings of ‘F2(egy)' and ‘BBB+(egy)' respectively. Meanwhile, it was assigned a support rating of ‘5'. This is the first time ‘AWB' receives credit ratings.
AWB was assigned National Short-term credit rating of ‘F2(egy) indicating “a satisfactory capacity for timely payment of financial commitments relative to other issuers or issues in the
same country.” AWB was also assigned national long-term credit rating of ‘BBB+(egy) denoting “an adequate credit risk relative to other issuers or issues in the same country.”
FitchRatings' Support Rating for banks deal with the question of whether a bank would receive support from its owners or from the state if it ran into difficulty. AWB was assigned a Support rating of ‘5' which denotes “a bank for which support, although possible, cannot be relied upon under extreme difficulties.” — (menareport.com)
© 2002 Mena Report (www.menareport.com)