You are hereHome CategoriesEgypt
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: April 20, 2017
LEBANON. MIT Enterprise Forum Arab Startup Competition winners award ceremony to be held in Bahrain on April 27; 74 semi-finalists from 11 Arab countries compete for cash prizes exceeding US$160,000.
date:Posted: April 19, 2017
INTERNATIONAL. Aurecon's latest Just Imagine blog post: will autonomous vehicles really reinvent transportation or will they exasperate our overburdened systems?
date:Posted: April 19, 2017
SAUDI ARABIA. Private sector is having more impact at the primary level - with stronger growth levels seen against a decline in public sector enrolment. Pressure on provision creates an opportunity for greater collaboration between the public and private sectors.
LEBANON. MIT Enterprise Forum Arab Startup Competition winners award ceremony to be held in Bahrain on April 27; 74 semi-finalists from 11 Arab countries compete for cash prizes exceeding US$160,000.
dhgate