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Banque Misr Aug 02
Standard & Poors, Aug 2002
Abstract
The ratings on Banque Misr S.A.E. are based on the bank's 100% ownership and implicit support by the Arab Republic of Egypt (foreign currency rating: BB+/Stable/B), its strong retail customer franchise, and adequate liquidity position. Negative rating factors include the bank's weak asset quality, poor financial performance, and deficient capital level. Banque Misr's links to the state are strong and Standard & Poor's believes government support would be forthcoming, if needed, due to the bank's size and important role in financing the economy. In addition, Standard & Poor's does not expect the government to privatize the bank in the medium term. With total assets of Egyptian pound (E-) 62.1 billion ($15.9 billion at E-3.9 to $1) at June 30, 2001,...
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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