...Support-Driven IDRs: National Bank of Egypt (UK) Limited's (NBE UK) Issuer Default Ratings are driven by those of its parent, National Bank of Egypt (NBE, B/Stable/b). Fitch Ratings has equalised NBE UK and NBE's ratings largely to reflect legal commitments from NBE including cross-default clauses, and the high level of operational integration between the two entities. High Support Propensity: Legal commitments and NBE UK's ownership structure (fully owned by NBE) mean we consider NBE's willingness to support NBE UK to be strong. Egyptian Risk Caps Support Ability: NBE's ratings are based on our assumption that sovereign support for NBE would be available due to its state ownership and key role in the Egyptian banking sector. However, Egypt's sovereign rating (B/Stable) constrains its ability to support NBE. As a result, we believe that although it is possible that NBE would support NBE UK, the support probability is limited (as reflected in NBE UK's `4' Support Rating). No Viability Rating...
