{"id":607972,"date":"2023-10-12T00:00:00","date_gmt":"2023-10-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/"},"modified":"2023-10-12T00:00:00","modified_gmt":"2023-10-12T00:00:00","slug":"it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/","title":{"rendered":"It was expected: Moody\u2019s downgrades credit rating of five local banks"},"content":{"rendered":"

Moody\u2019s Investors Service has downgraded the <\/strong>long-term deposit ratings of five local banks<\/strong> that had been on review since May, the rating agency said in a note Tuesday. <\/p>\n

This was expected:<\/strong>The downgrades follow Moody\u2019s decision last week to cut our sovereign credit rating<\/a> deeper into junk territory due to rising debt risks and the prolonged foreign-currency shortage. <\/p>\n

Who was on the cutting block?<\/strong> State-owned lenders National Bank of Egypt<\/strong>, Banque Misr<\/strong>and Banque du Caire<\/strong>, as well as the country\u2019s largest private-sector bank, CIB<\/strong>, all had their credit ratings downgraded to Caa1 from B3, seven notches into junk territory and four above default. Meanwhile, Moody\u2019s downgraded the rating of Intesa Sanpaolo\u2019s Bank of Alexandria<\/strong> rating to B3 from B2. The credit outlook for all five banks was changed from negative to stable, in line with Egypt\u2019s sovereign credit.<\/p>\n

All five banks (the only ones Moody\u2019s covers in Egypt) had their baseline credit assessment, or \u201cBCA\u201d in Moody\u2019s-speak, lowered to caa1<\/strong>, in line with the sovereign rating. The BCA reflects Moody\u2019s view of the macro environment in which the bank operates, measures of each bank\u2019s solvency and liquidity, and a range of qualitative factors. You can read more about Moody\u2019s bank rating methodology here<\/a>.<\/p>\n

WHY THE DOWNGRADE-<\/strong><\/p>\n

#1- You guessed it \u2014 the FX crunch, high inflation and rising borrowing costs:<\/strong> The FX crisis, deteriorating fiscal conditions, and high inflation and interest rates will put \u201csignificant\u201d pressure on earnings, asset quality and capital buffers, and \u201cmay challenge their ability to meet foreign currency liabilities,\u201d Moody\u2019s said.<\/p>\n

#2- The government\u2019s debt problem is the bank\u2019s debt problem:<\/strong> All five banks have high exposure to sovereign debt in turn exposing them to the government\u2019s risky credit profile, the rating agency said.<\/p>\n

Deja vu:<\/strong>This is the second time this year that Moody\u2019s has taken aim at Egypt and the five banks, downgrading them a notch in February<\/a> for the first time in a decade following its decision to cut Egypt\u2019s sovereign rating<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move follows the agency\u2019s decision to downgrade Egypt\u2019s sovereign credit rating to Caa1 last week<\/p>\n","protected":false},"author":1,"featured_media":607973,"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":[204,726,576,240,7082,72,2234,1324,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-cib","tag-credit-ratings","tag-enterpriseam","tag-foreign-exchange","tag-moodys","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"1b0199c7-5775-402a-9f67-fe5607bd9095","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/619.jpg","photo_position":"above","homepage_title":"","full_issue_title":"It was expected: Moody\u2019s downgrades credit rating of five Egyptian banks after cutting the sovereign ceiling","related_issue":[607967],"teaser":"The move follows the agency\u2019s decision to downgrade Egypt\u2019s sovereign credit rating to Caa1 last week","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.349bb511-fafe-4d63-88a4-dae59751a604.mp3"},"yoast_head":"\nIt was expected: Moody\u2019s downgrades credit rating of five local banks - 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