Moody's assigns 'Baa2' rating to NBE senior bonds

08 August 2010

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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications