...Support Drives IDRs: National Bank of Egypt (UK) Limited's (NBE UK) Issuer Default Ratings (IDRs) are equalised with those of its parent, National Bank of Egypt (NBE, B/Stable/b). This combines a high propensity to provide support with a weak ability to do so. High Support Propensity: We believe that NBE would have a strong willingness to support NBE UK, if needed. This is based on the reputational damage that a NBE UK default would have on NBE, NBE UK's full ownership by NBE and the common branding between the banks. In addition, synergies and operational integration between the banks are strong. Weak Support Ability: NBE's ability to provide support to NBE UK is weak, as indicated by its Long-Term IDR of `B'. This considers strong correlation between NBE risk and Egyptian sovereign risk given NBE's exposure to domestic assets, including a sizeable proportion of Egyptian government debt. No Viability Rating Assigned: NBE UK's businesses, including trade finance activities with Egyptian...
