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Posted On: February 1, 2014

Recovery Distant when Sovereigns are Weak

(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: Fitch 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. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS moncler jacket outlet SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, moncler outlets uk COMPLIANCE, AND OTHER RELEVANT POLICIES AND moncler chicago PROCEDURES ARE ALSO AVAILABLE FROM moncler coats for cheap THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE cheap moncler SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER Official Moncler Outlet ON THE FITCH WEBSITE. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1 800 753 4824, (212) 908 0500. Fax: (212) 480 4435. 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The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in moncler jackets on sale which the rated security is offered and sold and/or the issuer is moncler jacket online located, the availability and nature of relevant public information, access to the management moncler jackets for women of the issuer and its moncler outlet online advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or discount moncler jackets conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report moncler coats outlet is provided “as is” without womens moncler jackets any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that moncler jackets outlet online Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. 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