{"id":607938,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/"},"modified":"2023-10-11T00:00:00","modified_gmt":"2023-10-11T00:00:00","slug":"this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/","title":{"rendered":"THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good afternoon folks. <\/strong> What started out as a not-so-good news day is looking more and more like a full not-so-good week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY TODAY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Five of our banks just got another Moody\u2019s downgrade: <\/strong> Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks, following its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">downgrade of the country\u2019s sovereign credit rating<\/a>. The National Bank of Egypt, Banque Misr, Banque du Caire, and CIB, are now rated Caa1, down one notch from B3, while Bank of Alexandria has been downgraded one notch to B3 from B2. The agency\u2019s outlook on the banks\u2019 deposit ratings was changed from negative to stable. The five banks\u2019 long-term deposit ratings were also downgraded in February of this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY ABROAD <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Israeli-Palestinian war continues to dominate the news waves: <\/strong><\/p>\n<ul>\n<li><strong> US Secretary of State Antony Blinken is due to arrive in Tel Aviv tomorrow <\/strong> to discuss, among other things,providing a humanitarian corridor in Egypt for Palestinian civilians escaping the conflict. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/10\/11\/live-updates-latest-news-on-gaza-and-israel-hamas-conflict.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/li>\n<li><strong> Israel shot rockets into Southern Lebanon after Hezbollah launched its own <\/strong><strong> rockets from Lebanon earlier today <\/strong>in response to an <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-military-says-its-troops-killed-gunmen-who-infiltrated-lebanon-2023-10-09\/\" style=\"\" rel=\"noopener\">Israeli-led raid on Monday<\/a> that killed three Hezbollah militants. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-11\/israel-latest-more-than-2-000-dead-us-sends-ammunition?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/10\/11\/israel-hamas-war-updates-gaza-attack\/?itid=hp-banner-high_p001_f001\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-reports-cross-border-fire-lebanon-where-residents-say-israeli-shelling-2023-10-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ** CATCH UP QUICK <\/strong> on the top stories from today\u2019s <strong> EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong> The economy will slow more than expected next year: <\/strong>The IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">has downgraded its 2024 Egypt growth outlook to 3.6%<\/a> from its previous 4.1% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db88caa3-3c4b-4a6a-b81c-f91cd46d3e2c\" style=\"\" rel=\"noopener\">forecast<\/a> in July.<\/li>\n<li><strong> Inflation <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1c1b9b4-919d-41f5-a4f3-85357bcc52ad\" style=\"\" rel=\"noopener\">hit a fresh all-time high in September<\/a><\/strong> as the impact of the foreign-currency shortage and a series of devaluations continued to stoke price pressures. Consumer prices in urban areas accelerated to 38% y-o-y from 37.4% in August, making September the fourth consecutive month of record highs.<\/li>\n<li><strong> On day five of the conflict in Gaza: <\/strong> Israel <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6dcf8446-8911-4689-ab7d-adacac86cd01\" style=\"\" rel=\"noopener\">is continuing to flatten neighborhoods in Gaza and appears to be prepping a ground invasion<\/a> ; regional diplomatic initiatives aren\u2019t yet bearing any fruit; and Chevron cut gas flows through the EMG pipeline (though there is an alternative).<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ?\ufe0f <\/strong><strong> TOMORROW\u2019S WEATHER- <\/strong>The mercury will rise to a peak of 30\u00b0C in the day and drop to a cooler 23\u00b0C in the night, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 country\u2019s sovereign credit rating. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":607939,"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":[7213],"tags":[726,576,240,633,1324,248,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-banque-du-caire","tag-banque-misr","tag-cib","tag-enterprisepm","tag-moodys","tag-national-bank-of-egypt","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"1637b4a5-cee3-4edf-8ba6-5a2fca0b755e","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/5\/304.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[607936],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.f96f6c1f-1189-4054-9cab-fbbf8d8d2093.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>THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings - 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\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings\" \/>\n<meta property=\"og:description\" content=\"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 country\u2019s sovereign credit rating. The [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/304.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\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings\",\"datePublished\":\"2023-10-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\"},\"wordCount\":391,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/304.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banque du Caire\",\"Banque Misr\",\"CIB\",\"EnterprisePM\",\"Moody\u2019s\",\"National Bank of Egypt\",\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/this-evening-moodys-downgrades-five-of-our-banks-long-term-deposit-ratings\/\",\"name\":\"THIS EVENING: Moody\u2019s downgrades five of our banks\u2019 long-term deposit ratings - 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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 country\u2019s sovereign credit rating. 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