...Support-Driven Ratings: The ratings of Credit Agricole Egypt (CAE) reflect Fitch Ratings' view that there is a limited probability of support for CAE from its ultimate majority shareholder, Credit Agricole (CA; A/Positive/a). The likelihood of support is constrained by Egypt's Country Ceiling (B) and CA's support propensity could change in the event of a severe deterioration in the Egyptian operating environment, although this is unlikely. Unquestioned Ability to Support: Given CA's standalone creditworthiness and CAE's small size compared with CA (less than 1% of assets and equity at end-3Q15) any required extraordinary support for CAE would be immaterial relative to CA's ability to provide it. Stable Majority Ownership: Since the establishment of CAE in 2006, CA has maintained a stable majority stake therein (60.4% at end-3Q15) and appoints eight members to CAE's 14- strong board of directors (three members are appointed by the local Mansour Group which holds a 9% stake in CAE; CAE's...
