{"id":616925,"date":"2024-03-13T00:00:00","date_gmt":"2024-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive\/"},"modified":"2024-03-13T00:00:00","modified_gmt":"2024-03-13T00:00:00","slug":"moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive\/","title":{"rendered":"Moody\u2019s upgrades five local banks\u2019 credit rating outlook to positive"},"content":{"rendered":"

Moody\u2019s has upgraded the long-term deposit ratings outlook of five local banks <\/strong>to positive from negative, the credit rating agency wrote on Tuesday.<\/p>\n

Like clockwork:<\/strong> The agency upgraded Egypt\u2019s outlook to positive<\/a> from negative affirming its Caa1 rating on Thursday, citing the USD 35 bn<\/a> Ras El Hekma investment and recent policy measures<\/a> taken by the Central Bank of Egypt (CBE) which helped the country access a bigger USD 8 bn<\/a> package from the International Monetary Fund. <\/p>\n

The banks five are: <\/strong>State-owned lenders National Bank of Egypt, Banque Misr, and Banque du Caire, as well as the country\u2019s largest private sector bank CIB \u2014 Moody\u2019s affirmed their Caa1 long-term deposit rating. The banks also include Bank of Alexandria \u2014 Moody\u2019s affirmed its B3 rating. <\/p>\n

Remember: <\/strong>The five banks had their credit ratings slashed<\/a> in October after the rating agency cut our sovereign credit rating a week prior. Moody\u2019s then downgraded its long-term deposit rating outlook of the banks to negative from stable in January. <\/p>\n

The why: <\/strong>The fresh FX injection and policy measures will positively impact the wider banking sector given the five banks\u2019 \u201chigh sovereign exposure, mainly in the form of government debt securities, that link their credit profile to that of the government,\u201d Moody\u2019s said.<\/p>\n

Tread carefully: <\/strong>Egypt\u2019s banking sector\u2019s large net foreign liabilities position, recent currency float, and high interest rate \u201ccould exert renewed pressure on bank\u2019s capital, asset quality and profitability metrics,\u201d Moody\u2019s added. Meanwhile, the high sovereign exposure of the five banks presents a solvency risk given the government\u2019s high debt ratio and weak debt affordability. <\/p>\n

Also posing hurdles: <\/strong>Moody\u2019s points to foreign liquidity pressures, the EGP weakening, profitability pressures, and reduced capital metrics as reasons for downgrading the bank\u2019s ratings.<\/p>\n

Driving a future upgrade:<\/strong> \u201cA ratings upgrade would require a material strengthening of the operating environment and in the government's credit profile, and provided that the banks maintain their resilient financial performance and adequate foreign currency liquidity,\u201d Moody\u2019s wrote. <\/p>\n

Looking ahead:<\/strong> The recent wave of reforms will result in a renewed flow of remittances via official channels in addition to more foreign investments and portfolio flows, Moody\u2019s thinks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s cited the FX liquidity from the Ras El Hekma agreement in addition to recent reforms<\/p>\n","protected":false},"author":1,"featured_media":616926,"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":[1139,204,726,576,240,104,72,1324,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-alexbank","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-cib","tag-economy","tag-enterpriseam","tag-moodys","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"d94a2ed8-e2c6-4408-a754-eca1c4085d48","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1076.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Moody\u2019s upgrades five Egyptian banks\u2019 credit rating outlook to positive","related_issue":[616916],"teaser":"Moody\u2019s cited the FX liquidity from the Ras El Hekma agreement in addition to recent reforms","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.a312afe1-2805-4667-bbc6-ddd9fa7dbdcc.mp3"},"yoast_head":"\nMoody\u2019s upgrades five local banks\u2019 credit rating outlook to positive - 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\/2024\/03\/13\/moodys-upgrades-five-local-banks-credit-rating-outlook-to-positive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody\u2019s upgrades five local banks\u2019 credit rating outlook to positive\" \/>\n<meta property=\"og:description\" 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banks","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586887,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fitch-downgrades-credit-ratings-of-four-local-banks\/","url_meta":{"origin":616925,"position":1},"title":"Fitch downgrades credit ratings of four local banks","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"The banks now have a rating of B, down from B+","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582100,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/","url_meta":{"origin":616925,"position":2},"title":"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":616925,"position":3},"title":"S&P lowers credit outlook on NBE, Banque Misr + CIB to negative","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"Welcome to the sovereign ceiling\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616680,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/moodys-upgrades-egypts-outlook-to-positive\/","url_meta":{"origin":616925,"position":4},"title":"Moody\u2019s upgrades Egypt\u2019s outlook to positive","author":"enterpriseam admin","date":"10 March 2024","format":false,"excerpt":"Moody\u2019s expects the FX liquidity from the Ras El Hekma agreement to close the external funding gap until FY 2025-2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/734.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603504,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/24\/moodys-upgrades-credit-ratings-of-five-egyptian-banks\/","url_meta":{"origin":616925,"position":5},"title":"Moody\u2019s upgrades credit ratings of five Egyptian banks","author":"enterpriseam admin","date":"24 April 2019","format":false,"excerpt":"Moody\u2019s upgrades credit ratings of five local banks, with stable outlook: Moody\u2019s has upgraded our friends at CIB along with Banque du Caire, the National Bank of Egypt, Banque Misr, and Bank of Alexandria\u2019s credit ratings, the agency said in a statement. The first four banks saw their long-term local-currency\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616925"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616925\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616926"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616925"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616925"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}