{"id":610029,"date":"2023-11-14T00:00:00","date_gmt":"2023-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/"},"modified":"2023-11-14T00:00:00","modified_gmt":"2023-11-14T00:00:00","slug":"fitch-cuts-bank-credit-ratings-following-sovereign-downgrade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/","title":{"rendered":"Fitch cuts bank credit ratings following sovereign downgrade"},"content":{"rendered":"

Fitch Ratings has downgraded the credit ratings of four major Egyptian banks<\/strong> a week after it cut the country\u2019s sovereign credit rating<\/a> deeper into junk territory. The agency cut the ratings of Banque Misr, National Bank of Egypt<\/a>, CIB<\/a>, and Banque du Caire<\/a> to B- from B, reflecting the impact of the government\u2019s credit profile on the lenders, it said yesterday.<\/p>\n

The rationale:<\/strong> Each of the banks hold sizable amounts of government debt on their books and have lent significant sums to public-sector companies, exposing them to the elevated default risk of the government. Economic conditions, including the FX shortage, heightened inflation, and geopolitical uncertainties, also weighed on the banks\u2019 ratings, Fitch said.<\/p>\n

BACKGROUND-<\/strong> Fitch lowered our credit rating to B- from B earlier this month on concerns about the sustainability of government debt, becoming the third major rating agency to do so since October. Moody\u2019s<\/a> and S&P Global Ratings<\/a> both lowered their ratings in October.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch, S&P and Moody\u2019s have all downgraded Egypt\u2019s sovereign rating over the past month due to rising debt concerns<\/p>\n","protected":false},"author":1,"featured_media":610030,"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":[1],"tags":[204,726,240,104,72,8565,905,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-banking","tag-banque-du-caire","tag-cib","tag-economy","tag-enterpriseam","tag-fitch","tag-fitch-ratings","tag-foreign-exchange","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"04e2ed79-61e4-47bf-b066-37b85ef38093","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch cuts Egyptian banks\u2019 credit ratings deeper into junk following sovereign downgrade","related_issue":[610017],"teaser":"Fitch, S&P and Moody\u2019s have all downgraded Egypt\u2019s sovereign rating over the past month due to rising debt concerns","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6dfcdcee-3bc2-4efb-9bef-b0f298f194b1.mp3"},"yoast_head":"\nFitch cuts bank credit ratings following sovereign downgrade - 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\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch cuts bank credit ratings following sovereign downgrade\" \/>\n<meta property=\"og:description\" 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