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Fitch affirms Crédit Agricole Egypt's long and short-term ratings
Crédit Agricole negative ratings affirmed, at AA and F1+
Published in Ahram Online on 28 - 11 - 2010


Fitch Ratings has affirmed Crédit Agricole Egypt's National Long- and Short-term ratings at AA and F1+, respectively. At the same time, the agency has also affirmed the bank's Support rating at 3. The ratings for Credit Agricole Egypt reflect the support from its parent, Credit Agricole Indosuez (CAI), which acquired 72.6% of the bank in June 2001. Fitch considers that CAI has a high propensity to provide support to the bank in time of need, although this may in certain circumstances be constrained by the transfer risk attached to Egypt.

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