...Support Drives IDRs: National Bank of Egypt (UK) Limited's (NBE UK) Issuer Default Ratings (IDRs) are equalised w ith those of its parent, National Bank of Egypt (NBE) . This combines a high propensity to provide support w ith a w eak ability to do so. Strong Propensity/Weak Ability: Fitch Ratings believes that NBE w ould have a strong w illingness to support NBE UK, if needed. This reflects our view that an NBE UK default w ould have considerable reputational damage on NBE, NBE UK's full ow nership by NBE and the banks' common branding. NBE's ability to provide support to NBE UK is w eak, as indicated by its Long-Term IDR of `B+'. NBE's rating is highly correlated to Egyptian sovereign risk. No Viability Rating Assigned: NBE UK's businesses are dependent on NBE's franchise, and include trade finance activities w ith Egyptian counterparties and servicing the UK's Egyptian community. In addition, most of NBE UK's funding is provided by Egyptian government entities. As a result, our assessment...
