Recovery Distant when Sovereigns are Weak
(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: Fitch https://www.moncler-jacket-outlet.com 2018 Outlook: Sub Saharan Africa Banks here LONDON, December 06 (Fitch) Bank ratings in sub Saharan Africa (SSA) continue to be under pressure from sovereign weakness, with 22% of rated banks’ Long Term Issuer Default Ratings (IDRs) on Negative Outlook compared with 23% moncler outlet this time moncler outlet store last year, Fitch Ratings says. The share of Negative Outlooks appears unchanged but masks some important credit events in moncler outlet woodbury SSA in 2017, including the downgrade of major South African bank ratings to ‘BB+’ and the revision of moncler coats for men their Outlooks to Stable and the revision of Outlooks on major Nigerian banks to Negative. The rating actions mirror similar actions on the sovereigns. Bank risk remains elevated moncler outlet kids due to weak economic and business environments and this is putting pressure on earnings, liquidity, asset quality and moncler outlet ny capitalisation. Signs of recovery are fragile, in our view, with banks sensitive moncler coats cheap to even modest economic shocks. moncler jackets men We forecast slow private sector credit growth, reflecting mainly modest GDP growth in SSA on an aggregate of 2.9% for 2018 (1.9% in 2017). Moreover, banks are yet to fully recover from an exceptionally weak 2016 moncler coats and remain risk averse. Asset quality is expected to worsen, albeit more moderately compared with 2016/17 although variations throughout the region can be considerable. High single borrower concentrations, typical of the region, expose many banks to potentially sizeable losses in the event of default. Even prime corporates can face difficulties moncler jackets given the volatility of the operating environments and loan restructuring is frequent. Reported impaired loan ratios would be far higher in several countries if restructuring, notably to oil related borrowers, had not taken place. The recent stabilisation of moncler outlet uk commodity prices could provide respite to some economies, but we remain cautious on loans to the oil and gas sector. Concentrated industry exposure is also a key risk. Low loan growth in 2018 and a likely rise in impairments may lead to pressure on profitability. In some countries, high yielding government securities are helping banks boost to margins. A renewed squeeze in foreign currency (FX) liquidity is a major risk for SSA banks. In this environment, we believe refinancing risks for banks are high. Negative investor sentiment towards emerging markets means that FX debt issuance will remain more costly and inaccessible for many smaller banks. We expect banks to issue moncler outlet location additional debt in their local markets. SSA banks remain adequately capitalised for their ratings but buffers are narrowing. Those countries experiencing a rapid rise in non performing loans may see some cheap moncler jackets banks breaching regulatory capital requirements. Banks are also facing higher prudential capital requirements moncler jackets canada (or minimum capital levels). Several countries are likely to move to Basel II/III in 2018. Furthermore, IFRS 9 will alter the way loan loss provisions are established. We expect additional provisions to be required, negatively impacting moncler jacket banks’ ability to retain earnings and build up capital. Most bank ratings in SSA are in the ‘B’ range, indicating highly speculative credit quality and material moncler outlets usa default risk. The moncler coats sale only bank we rate at investment grade is in Mauritius. 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