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Banque Misr Jun 01
Standard & Poors, June 2001
Abstract
The public information ('pi') rating on Banque Misr balances the bank's full government ownership and strong market position against its financial profile--weak asset quality, low profitability, and frail capitalization--which limits its creditworthiness. The bank's strongest financial attribute is its retail-deposit franchise. Standard & Poor's believes implicit government support would be forthcoming, if needed, although the timeliness of support is not assured. Misr is Egypt's second-largest commercial bank, with assets totaling Egyptian pound (Ey-) 55.4 billion (US$16.3 billion, at Ey-3.4 to US$1) at June 30, 2000. Supporting its retail position is the largest domestic branch network in Egypt, with 436 branches. Historically, Misr financed the Egyptian spinning and weaving industry and agriculture, but like other public-sector banks, it diversified its role...
Companies mentioned in this report are: Banque Misr
Action: Review
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: Full Analysis
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