A $600m senior unsecured fixed-rate bonds issued by Egypt's Nile Finance Ltd, a special purpose vehicle incorporated in the Cayman Islands, have been assigned a 'Baa2' rating with a stable outlook. Maturing in August 2015, the bonds are unconditionally and irrevocably guaranteed by National Bank of Egypt (NBE), with proceeds to be used to extend a funding loan to NBE, which will in effect service the principal and interest of the notes.