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BBpi Ratings Assigned to Four Egyptian Banks
Standard & Poors, Feb 1999
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
PARIS (Standard & Poor's CreditWire) Feb. 4, 1999--Standard & Poor's today assigned its double-'Bpi' public information ratings to four Egyptian banks: -- Bank of Alexandria (BOA); -- Banque Misr (Misr); -- Egyptian American Bank S.A.E. (EAB), and -- National Societe Generale Bank S.A.E. (NSGB). The four institutions have contrasting profiles. The extensive branch network of the two state banks, Bank of Alexandria and Banque Misr, enables them to attract large volumes of stable and cheap retail deposits, leading to strong liquidity. However, these banks, like the other public sector banks, are burdened by bad loans made to unprofitable industries during the directed lending era. These two banks face the challenge of improving mediocre profitability and upgrading poorly automated branch networks....
Companies mentioned in this report are: Bank of Alexandria,Societe Generale,National Societe Generale Bank S.A.E. (Unsolicited Ratings),Egyptian American Bank S.A.E.
Action: New Rating
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