Ratings Lowered On Three Egyptian Banks To 'B-/C' Following Sovereign Rating Action; Outlook Negative Dec 12
- Language: English
- Published: December 2012
- Region: Egypt
The public information rating on Banque Misr (BM) balances the bank's weak asset quality, marginal capitalization, and poor financial performance with its full government ownership, strong retail franchise, and good funding and liquidity profile. Standard & Poor's Ratings Services does not expect the government to privatize the bank in the foreseeable future. The final rating on BM, a government-related entity (GRE) under Standard & Poor's methodology, is higher than the stand-alone rating on the bank to reflect our expectation of high likelihood of government support in case of need. With total assets of Egyptian pound (EG-) 110.3 billion ($19.4 billion at EG-5.6 to $1) at fiscal year-end 2006 (June 30), BM is Egypt's second-largest bank, controlling about 15% of the...
Companies mentioned in this report are: Banque Misr
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