{"id":582100,"date":"2023-02-13T00:00:00","date_gmt":"2023-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/"},"modified":"2023-02-13T00:00:00","modified_gmt":"2023-02-13T00:00:00","slug":"moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/","title":{"rendered":"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks <\/span><span style=\"\">on<\/span><span style=\"\"> the back of its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013-95854\/\" style=\"\">downgrade last week<\/a><\/span><span style=\"\"> of <\/span><span style=\"\">the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the ratings agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.moodys.com\/research\/Moodys-downgrades-the-ratings-of-five-Egyptian-banks-changes-deposit--PR_473601\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\">, while the Bank of Alexandria\u2019s (Alexbank) rating moves to B2 from B1. The baseline credit rating on all five banks was downgraded to B3 from B2. The agency\u2019s outlook on the banks\u2019 deposit ratings was changed to stable from negative.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why these banks? <\/span><span style=\"font-weight:700\">The sovereign overhang:<\/span><span style=\"\"> The agency said the downgrade was the result of last week\u2019s downward adjustment to the country\u2019s credit rating, citing the \u201chigh interlinkages between [Egypt\u2019s] weakened creditworthiness and the banks\u2019 balance sheets.\u201d All five banks have high exposure to sovereign debt, ranging between 25%-43% of their total assets \u2014 meaning that their standalone credit profiles and ratings are \u201ceffectively constrained by the rating of the government,\u201d Moody\u2019s said.<\/span><span style=\"font-weight:400;\"> Alexbank\u2019s rating remains a notch above the other four banks thanks to support from Italian bank Intesa Sanpaolo, which owns an 80% stake in the bank. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A \u201cweakened operating environment\u201d is also at play: <\/span><span style=\"font-weight:400;\">Moody\u2019s predicts that the banks\u2019 performance will come under pressure as \u201cthe combination of foreign currency liquidity pressures, high interest rates and inflation will dampen consumer confidence, compromising borrowers' repayment capacity and increasing funding costs for the banks.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IN CONTEXT- <\/span><span style=\"\">Moody\u2019s last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013-95854\/\" style=\"\">downgraded Egypt\u2019s credit rating<\/a><\/span><span style=\"font-weight:400;\"> for the first time since 2013 to B3 from B2, due to \u201creduced external buffers and shock absorption capacity\u201d amid the FX crunch. The agency also changed its outlook to stable from negative.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- BdC is this year set to <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">finally go ahead<\/a><\/span><span style=\"font-weight:700\"> with its long-awaited IPO<\/span><span style=\"\">, which has been repeatedly delayed for years due to poor market conditions, under the state\u2019s privatization program. Alexbank, in which the state owns the remaining 20% stake not held by Intesa Sanpaolo,<\/span><span style=\"\"> was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/04\/four-state-owned-companies-ready-to-list-with-eight-more-to-follow-egx-92768\/\" style=\"\">earlier this year<\/a><\/span><span style=\"\"> said to be part of the Madbouly government\u2019s sale program, but did not appear <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">on the final list of companies<\/a><\/span><span style=\"font-weight:400;\"> included in the rebooted program.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the ratings agency said, while the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582101,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[1139,204,726,576,240,72,1324,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-alexbank","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-cib","tag-enterpriseam","tag-moodys","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"9a4d706d-43ae-4691-a60a-70321bbfc27c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/banking-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582090],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.f97b72f1-5f92-4236-9b44-9dc56993bd23.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk\" \/>\n<meta property=\"og:description\" content=\"Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the ratings agency said, while the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-13T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk\",\"datePublished\":\"2023-02-13T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\"},\"wordCount\":376,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Alexbank\",\"banking\",\"Banque du Caire\",\"Banque Misr\",\"CIB\",\"EnterpriseAM\",\"Moody\u2019s\",\"National Bank of Egypt\"],\"articleSection\":[\"Banking\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/\",\"name\":\"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk - 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B+","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":582100,"position":1},"title":"S&#038;P lowers credit outlook on NBE, Banque Misr + CIB to negative","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"Welcome to the sovereign ceiling\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607972,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/","url_meta":{"origin":582100,"position":2},"title":"It was expected: Moody\u2019s downgrades credit rating of five local banks","author":"enterpriseam admin","date":"12 October 2023","format":false,"excerpt":"The move follows the agency\u2019s decision to downgrade Egypt\u2019s sovereign credit rating to Caa1 last week","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616925,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive\/","url_meta":{"origin":582100,"position":3},"title":"Moody\u2019s upgrades five local banks\u2019 credit rating outlook to positive","author":"enterpriseam admin","date":"13 March 2024","format":false,"excerpt":"Moody\u2019s cited the FX liquidity from the Ras El Hekma agreement in addition to recent reforms","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1076.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610029,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/","url_meta":{"origin":582100,"position":4},"title":"Fitch cuts bank credit ratings following sovereign downgrade","author":"enterpriseam admin","date":"14 November 2023","format":false,"excerpt":"Fitch, S&P and Moody\u2019s have all downgraded Egypt\u2019s sovereign rating over the past month due to rising debt concerns","rel":"","context":"In \"banking\"","block_context":{"text":"banking","link":"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607938,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/","url_meta":{"origin":582100,"position":5},"title":"THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings","author":"enterpriseam admin","date":"11 October 2023","format":false,"excerpt":"Good afternoon folks. What started out as a not-so-good news day is looking more and more like a full not-so-good week. THE BIG STORY TODAY Five of our banks just got another Moody\u2019s downgrade: Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks, following its downgrade of the\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/304.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582100"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582100\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582101"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582100"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582100"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}