{"id":655556,"date":"2024-11-20T00:00:00","date_gmt":"2024-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/fitch-upgrades-four-egyptian-banks-credit-ratings-to-b-on-the-back-of-sovereign-credit-improvements\/"},"modified":"2024-11-20T00:00:00","modified_gmt":"2024-11-20T00:00:00","slug":"fitch-upgrades-four-egyptian-banks-credit-ratings-to-b-on-the-back-of-sovereign-credit-improvements","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/fitch-upgrades-four-egyptian-banks-credit-ratings-to-b-on-the-back-of-sovereign-credit-improvements\/","title":{"rendered":"Fitch upgrades four Egyptian banks\u2019 credit ratings to B on the back of sovereign credit improvements"},"content":{"rendered":"

Fitch upgrades credit rating of four local banks<\/strong>: Credit rating agency Fitch Ratings has upgraded the credit ratings of four major Egyptian banks. The agency upgraded the ratings of the National Bank of Egypt, Banque Misr, CIB, and Banque du Caire to B from B- with a stable outlook, reflecting \u201cthe strong correlation of the banks\u2019 creditworthiness with that of the Egyptian sovereign,\u201d it said in a statement<\/a>. Fitch also upgraded the local banks\u2019 operating environment and funding and liquidity scores to B with a stable outlook.<\/p>\n

Driving the upgrade:<\/strong> Fitch cited improved FX liquidity and a significant jump in net foreign assets \u2014 net foreign asset deficit in commercial banks has been improving since the Ras El Hekma agreement and the reforms that followed were announced to sit at USD 132 mn at the end of September<\/a> from around USD 17.6 bn at the end of January. <\/p>\n

The banks\u2019 net foreign asset positions are expected to improve further: <\/strong>\u201cWe expect the banking sector to report a slight net positive foreign assets position in 2025 and 2026, supported by positive net inflows from foreign portfolio investors, a lower current account deficit and international financial institutions financings on the back of a more flexible foreign exchange rate regime,\u201d the credit rating agency said. <\/p>\n

The move comes just after Fitch upgraded Egypt\u2019s sovereign credit rating:<\/strong> Fitch upgraded Egypt\u2019s sovereign credit rating<\/a> from B- to B with a stable outlook at the start of the month for the first time since 2019 on the back of FX inflows from the USD 35 bn Ras El Hekma agreement, our expanded USD 8 bn IMF program, and the EU\u2019s EUR 7.4 bn aid package, alongside greater confidence in the durability of our structural reforms. <\/p>\n

Looking ahead: <\/strong>The agency expects a \u201csharp improvement in profitability in 2024, supported by higher yields on sovereign securities, revaluation gains and stronger client activity before it starts normalizing towards historical averages in 2025 as a result of reducing rates.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch cited improved FX liquidity and a significant jump in net foreign assets<\/p>\n","protected":false},"author":1,"featured_media":655557,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[204,726,576,240,72,905,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655556","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-enterpriseam","tag-fitch-ratings","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"54ba0b5d-4b4c-4d0e-99d4-00783e8d2b09","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1913.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1342.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567734,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/06\/banks-still-face-heightened-medium-term-threats-thanks-to-covid-fitch\/","url_meta":{"origin":655556,"position":4},"title":"Banks still face \u201cheightened\u201d medium-term threats thanks to covid \u2013Fitch","author":"enterpriseam admin","date":"6 December 2020","format":false,"excerpt":"Covid is the gift that keeps on giving for Egyptian banks, which will remain exposed to \u201cheightened\u201d medium-term threats, Fitch Ratings said in its latest report on state-owned Banque Misr\u2019s credit rating. The ratings agency still sees low near-term risks, especially as it relates to foreign currency funding and liquidity\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":655556,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/655556","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=655556"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/655556\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/655541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/655557"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=655556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=655556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=655556"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=655556"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=655556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}