...Support-Driven Ratings: The ratings assigned to Credit Agricole Egypt (CAE) reflect potential support from its ultimate shareholder, France's Credit Agricole (CA; A+/Stable/a+). Fitch Ratings believes CA w ould have a high propensity to support its Egyptian subsidiary . This is due to CA's majority and stable (60%) ow nership and CAE being part of the group's presence and strategy in the region. How ever, CAE's ability to receive and use potential parent support is constrained by Egypt's Country Ceiling of `B+'. High Ability to Support: CAE has never required any extraordinary support from CA. How ever, given CA's standalone creditw orthiness and CAE's small size compared w ith CA (less than 1% of assets and equity at end-2018), any required extraordinary support for CAE w ould be immaterial relative to CA's ability to provide it. Benefits from Integration: CAE's domestic franchise (1% market share of assets and deposits) benefits from the subsidiary's integration w ith CA in governance,...
