{"id":585854,"date":"2023-05-01T00:00:00","date_gmt":"2023-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/"},"modified":"2023-05-01T00:00:00","modified_gmt":"2023-05-01T00:00:00","slug":"sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","title":{"rendered":"S&#038;P lowers credit outlook on NBE, Banque Misr + CIB to negative"},"content":{"rendered":"<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\">S&P Global Ratings has cut its outlook <\/span><span style=\"font-weight:700\">on the National Bank of Egypt, Banque Misr, and CIB to negative<\/span><span style=\"\">, it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/2979946\" style=\"\">said<\/a><\/span><span style=\"\"> Friday. The change mirrors the agency\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1180e838-be2d-4297-ac4d-4f179c21b3c1\" style=\"\">negative outlook on Egypt\u2019s<\/a><\/span><span style=\"font-weight:400;\"> sovereign credit rating, which it announced last week, warning that the country risks not being able to meet its external funding needs if it doesn\u2019t deliver on economic reforms tied to its IMF assistance program. The ratings agency held the three banks\u2019 credit ratings at B, aligned with Egypt\u2019s sovereign rating. <\/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\">It\u2019s all about the sovereign ceiling<\/span><span style=\"font-weight:700\">: <\/span><span style=\"font-weight:400;\">\u201cOur rated banks operate solely in Egypt. Therefore, we do not believe they would withstand a sovereign default without defaulting on their financial obligations,\u201d the ratings agency said.<\/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\">Moody\u2019s already did the same: <\/span><span>Earlier this year, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a4d706d-43ae-4691-a60a-70321bbfc27c\" style=\"\">Moody\u2019s downgraded<\/a><\/span><span style=\"font-weight:400;\"> the long-term deposit ratings of five Egyptian banks \u2014 the National Bank of Egypt, Banque Misr, Banque du Caire, CIB, and Bank of Alexandria \u2014 after it downgraded the country\u2019s sovereign credit rating.<\/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\">Madbouly is trying to maintain market confidence: <\/span><span>Prime Minister Moustafa Madbouly last week moved to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b76ec80b-bf18-47d1-bf53-07b5b9cefb8f\" style=\"\">reassure the markets<\/a><\/span><span style=\"font-weight:400;\"> that Egypt will meet its debt obligations amid rising concern among investors that the country is at risk of default. \u201cI reassure you that the Egyptian state has not failed, nor will it fail, to pay back its international debt,\u201d he said in televised statements.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the sovereign ceiling\u2026<\/p>\n","protected":false},"author":1,"featured_media":585855,"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":[7206],"tags":[204,576,240,104,72,248,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banking","tag-banque-misr","tag-cib","tag-economy","tag-enterpriseam","tag-national-bank-of-egypt","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"6e2e1443-0f4a-4188-8e1b-6b1f61d469f2","is_powered_by":false,"story_type":"1","photo_url":"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P lowers outlook of three Egyptian banks","related_issue":[585846],"teaser":"Welcome to the sovereign ceiling\u2026","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.c4b34cc6-de24-453f-9a3c-c9f4d9f7a1d5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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