{"id":620611,"date":"2024-05-23T00:00:00","date_gmt":"2024-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/"},"modified":"2024-05-23T00:00:00","modified_gmt":"2024-05-23T00:00:00","slug":"emerging-markets-credit-ratings-are-on-the-up-at-last","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/","title":{"rendered":"Emerging markets\u2019 credit ratings are on the up at last"},"content":{"rendered":"

Sovereign credit ratings in the emerging markets are back on the up<\/strong> on the bank of hoped-for rate cuts, post-Covid recovery, and policy moves in select markets, Reuters<\/a> reports. The newswire points to Turkey, Brazil, Nigeria, Zambia and also us here in Egypt as adding to the growing evidence that there\u2019s a turnaround in ratings after decades of downgrades.<\/p>\n

Economies are in a very different place than they were during the pandemic: <\/strong>Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction, while almost all were negative when we were all working from home during the pandemic, according to data from the Bank of America cited by Reuters.<\/p>\n

The why: <\/strong>It varies by economy, Fitch Ratings\u2019 Ed Parker told the newswire. Some economies have benefited from a recovery following the pandemic and energy price spikes from Russia\u2019s invasion of Ukraine, while others have had a change of fortunes on the back of policy improvements, and frontier economies are reaping the rewards of their new-found access to debt markets, he added.<\/p>\n

Remember: <\/strong>Egypt has had Moody\u2019s<\/a>, Fitch Ratings<\/a>, and S&P Global Ratings<\/a> upgrade its sovereign credit outlook to positive since March 2024 \u2014 though none of the \u201cbig three\u201d have upgraded Egypt\u2019s credit rating itself.<\/p>\n

Good news for sure, but EMs still have a long way to go: <\/strong>Ratings upgrades and better access to debt markets are obviously a positive sign, especially after a long period of high interest rates and a strong USD. But getting too excited about the ratings upgrades risks ignoring long-term trends in developing countries\u2019 debt markets.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks slumped into the red this morning after the minutes of the US <\/strong>Fed\u2019s latest meeting were released. <\/strong>Traders and bankers alike are concerned that the central bank is getting \u201ccold feet on possible rate cuts\u201d<\/a> after data showed inflation was surprisingly stubborn. Of the big Asian indexes, only the Nikkei is in positive territory this morning. <\/p>\n

Looking ahead:<\/strong> Nasdaq and S&P futures were up overnight after Nvidia reported record earnings \u2014 but futures have the Dow headed for a lower open at the start of trading today. European futures declined overnight. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

27,227<\/p>\n<\/td>\n

\n

0.0% (YTD: +9.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 46.74<\/p>\n<\/td>\n

\n

Sell 46.88<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 46.74<\/p>\n<\/td>\n

\n

Sell 46.84<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,157<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,973<\/p>\n<\/td>\n

\n

-0.4% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,058<\/p>\n<\/td>\n

\n

-0.4% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,307<\/p>\n<\/td>\n

\n

-0.3% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,370<\/p>\n<\/td>\n

\n

-0.6% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,025<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.90<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.84<\/p>\n<\/td>\n

\n

+6.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,4116<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,423<\/p>\n<\/td>\n

\n

-0.5% (YTD: +64.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 remained flat at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (17.3% below the 90-day average). International investors were net sellers. The index is up 9.4% YTD.<\/p>\n

In the green: <\/strong>Edita (+7.0%), Orascom Development Egypt (+6.5%), and Heliopolis Housing (+4.2%).<\/p>\n

In the red: <\/strong>Abu Qir Fertilizers (-2.9%), Mopco (-2.3%), and AMOC (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction<\/p>\n","protected":false},"author":1,"featured_media":620612,"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":[7210],"tags":[115,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"77f34bcf-2b0c-4317-8e9c-98a080552235","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1842.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emerging 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FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/543.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":620611,"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":608835,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating\/","url_meta":{"origin":620611,"position":3},"title":"S&P cuts three local banks credit rating days after downgrading sovereign rating","author":"enterpriseam admin","date":"26 October 2023","format":false,"excerpt":"The rating agency cut Egypt\u2019s sovereign credit rating deeper into junk last week due to the increasing FX shortage and debt worries","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\/2023\/10\/1312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600403,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/egyptian-public-debt-unsustainable-says-sp\/","url_meta":{"origin":620611,"position":4},"title":"Egyptian public debt unsustainable, says S&P","author":"enterpriseam admin","date":"29 January 2019","format":false,"excerpt":"What\u2019s the outlook for debt issuances in emerging markets as the Finance Ministry gets set to go on the road? The Finance Ministry\u2019s announcement on advisors yesterday came as the global business press debates debt levels and prospects for new issuances across EM. Egypt, one of the more active EM\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\/2019\/1\/1144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655556,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/fitch-upgrades-four-egyptian-banks-credit-ratings-to-b-on-the-back-of-sovereign-credit-improvements\/","url_meta":{"origin":620611,"position":5},"title":"Fitch upgrades four Egyptian banks\u2019 credit ratings to B on the back of sovereign credit improvements","author":"enterpriseam admin","date":"20 November 2024","format":false,"excerpt":"Fitch cited improved FX liquidity and a significant jump in net foreign assets","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\/11\/1913.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620611","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=620611"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620611\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620612"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620611"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620611"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}