...Support Driven Ratings: Credit Agricole Egypt's (CAE) ratings reflect a limited probability of support from the bank's ultimate shareholder, France's Credit Agricole (CA; A+/Stable/a+). While CA's propensity and ability to support its Egyptian subsidiary are high, the likelihood of support is constrained by Egypt's Country Ceiling of `B'. CAE is about 60%-owned by CA and is part of the French banking group's presence and strategy in the Middle East and North Africa. However, Fitch Ratings does not view these regions as core markets for CA. High Ability to Support: CAE has not required any extraordinary support from CA. However, given CA's standalone creditworthiness and CAE's small size compared with CA (less than 1% of assets and 3% of equity at end-2016), any required extraordinary support for CAE would be immaterial relative to CA's ability to provide it. Stable Majority Ownership: CA has maintained a stable majority stake of 60.4% since CAE was established in 2006 and appoints eight...
