Egyptian banks to confront toughening operating conditions in the coming months, says S&P
Source: Standard & Poor's Ratings Services , Author: Posted by BI-ME staff
Posted: Tue May 15, 2012 1:03 pm

EGYPT. "Since the beginning of the popular uprising in Egypt in January 2011, we have lowered our ratings on Egyptian banks by up to four notches and maintained a negative outlook on these banks," said Standard & Poor's Ratings Services in a credit FAQ "Why We Lowered The Ratings On Egyptian Banks And What Risks Lie Ahead," published May 14, 2012.

The negative rating actions on Egyptian banks mainly reflect S&P's successive downgrades of Egypt (Arab Republic of Egypt; foreign currency B/Negative/B,local currency B/Negative/B) during the period.

"Egyptian banks' credit exposure to domestic sovereign debt has increased at a time when Egypt's creditworthiness has deteriorated markedly," said Standard & Poor's credit analyst Nicolas Hardy.

"Apart from sovereign credit risk, we expect that the banks will likely confront toughening operating conditions in the coming months, possibly prompting a drop in asset quality."

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: June 16, 2018
UAE. MENA region recorded 93 deals amounting to US$15.4b in Q1 2018; UAE records highest announced Q1 deal value in the region at US$5.1b; Oil & gas deal value reached US$7.2b in Q1 2018; Almost 80% of MENA boards focused on portfolio transformation.
date:Posted: June 14, 2018
UAE. McAfee report sounds industry alarm: Don't start the blockchain revolution without making security a top priority.
date:Posted: June 13, 2018
UAE. 3.5 billion IoT cellular connections predicted for 2023; 5G commercial launches this year; 20% of global mobile data traffic will be on 5G networks in 2023.
UAE. MENA region recorded 93 deals amounting to US$15.4b in Q1 2018; UAE records highest announced Q1 deal value in the region at US$5.1b; Oil & gas deal value reached US$7.2b in Q1 2018; Almost 80% of MENA boards focused on portfolio transformation.
dhgate