{"id":610686,"date":"2023-11-26T00:00:00","date_gmt":"2023-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt\/"},"modified":"2023-11-26T00:00:00","modified_gmt":"2023-11-26T00:00:00","slug":"fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt\/","title":{"rendered":"Fitch downgrades Egyptian banks\u2019 operating environment score on ties to sovereign debt"},"content":{"rendered":"

Fitch offers new warning on Egyptian banks: <\/strong>Fitch Ratings has downgraded the operating environment score of four of Egypt\u2019s biggest banks on the back of their high exposure to sovereign debt, the rating agency said<\/a> Wednesday. This follows on the heels of its decision to downgrade Egypt\u2019s sovereign credit rating<\/a> earlier this month.<\/p>\n

Gauging the operating environment: <\/strong>Fitch measures the operating environment by assessing \u201cthe ability of banks to generate business volumes while taking on acceptable levels of risk.\u201d It does this by looking at the GDP per capita of a country and its operational risk index (pdf)<\/a>.<\/p>\n

The downgrade: <\/strong>Fitch lowered the score of the National Bank of Egypt, Banque Misr, Banque du Caire, and CIB to \u2018B-\u2019 from \u2018B\u2019 and revised its outlook to stable from negative. Fitch cut the credit ratings<\/a> of the banks earlier this month after downgrading its rating for Egypt\u2019s sovereign debt. <\/p>\n

The rationale:<\/strong><\/p>\n

#1- Banks are exposed to sovereign debt:<\/strong> \u201cThe operating environment score is in line with the sovereign rating as operating conditions for banks are highly correlated with the sovereign profile,\u201d the rating agency said. Fitch estimates that almost 50% of the total assets of Egypt\u2019s banking sector are invested in government debt, creating a significant exposure.<\/p>\n

#2- The currency crisis is weighing on investor confidence: <\/strong>The rating agency doesn\u2019t expect a significant increase in FX inflows in 2024 due to weak investor confidence caused by the FX crunch, an overvalued currency, and slow progress on structure reforms. As a result, it forecasts the banking sector\u2019s net foreign asset position to remain negative through next year.<\/p>\n

What they said:<\/strong>High inflation, currency pressure, and geopolitical uncertainties are also affecting investor confidence in Egypt, Redmond Ramsdale, Fitch\u2019s head of Middle East Bank Ratings, told Asharq Business<\/a> in an interview. He went on to predict 3.5% growth in Egypt\u2019s GDP in the current FY 2023-2024, lower than the government\u2019s most recent forecast<\/a> for 4.2% growth. <\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch estimates that about 50% of the total assets of Egypt\u2019s banking sector are invested in government debt, creating a significant exposure<\/p>\n","protected":false},"author":1,"featured_media":610687,"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":[204,726,576,240,104,72,8565,905,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-cib","tag-economy","tag-enterpriseam","tag-fitch","tag-fitch-ratings","tag-foreign-exchange","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"c36373c3-d567-439a-a71d-2b1cbaa29eb7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1342.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch downgrades Egyptian banks\u2019 operating environment score on ties to sovereign debt","related_issue":[610671],"teaser":"Fitch estimates that about 50% of the total assets of Egypt\u2019s banking sector are invested in government debt, creating a significant exposure","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6e751ecd-5427-4afa-a66e-2df4f1dfbcd5.mp3"},"yoast_head":"\nFitch downgrades Egyptian banks\u2019 operating environment score on ties to sovereign debt - 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\/26\/fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch downgrades Egyptian 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