fabriziof
Forumer storico
Hai ragione ,che banca?scusa il kid del titolo... è che li avrei presi volentieri a calci
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (9 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
Bnl....
waltermasoni
Caribbean Trader
Per gli appassionati
Lebanese Bank Audi 'B-/B' Ratings Affirmed Despite Increasing Risks In Turkey; Outlook Stable
it affirmed its 'B-/B' long- and short-term issuer credit ratings on
Lebanon-based Bank Audi S.A.L. The outlook is stable.
We believe that Bank Audi's operating environment has deteriorated over recent
months. Credit risk in Turkey has risen owing to pressure from the
depreciating lira on dollar-denominated exposures. In addition, the bank's
exposures in terms of total assets are increasingly skewed toward Lebanon
(reaching 64% at the end of first-quarter 2018), which we consider to be
structurally more risky, although not currently under immediate pressure. This
also affects diversification of the group's earnings by region.
At the same time, we believe that Bank Audi is able to withstand the pressure
from its Turkish exposures. With nonperforming loans (NPLs) at around 4.9% at
the level of the Turkish subsidiary as of first-quarter 2018, the bank is
aligned with its domestic peers. We understand that the group expects to
contain any further deterioration of its NPL portfolio within 1%. We also note
that at year-end 2017 the group possessed $176 million of collective
provisions it considered to be in excess of IFRS 9 requirements. This
represents another 1.1% of the consolidated loan book and should allow the
bank to accommodate some additional stress. As a result, we expect Bank Audi
to maintain its capitalization, with a risk-adjusted capital ratio between
4.25%-4.75% in the next two years. We therefore believe that the bank's group
credit profile remains unchanged, though this could come under pressure from
further deterioration in the bank's asset quality or economic environment.
We believe that the group's funding and liquidity profile remains stable
overall, with limited reliance on wholesale funding and generally sufficient
liquidity buffers at the level of the main operating entities. However, owing
to the bank's exposure to sovereign bonds and central bank deposits and CDs,
which exceed 2.5x of group equity, the ratings remain constrained by the
creditworthiness of Lebanon.
The stable outlook on Bank Audi mirrors our stable outlook on Lebanon. The
stable outlook on the sovereign reflects our expectation that, over the next
12 months, continued deposit inflows to the financial system will remain
sufficient to support the government's borrowing requirement and the country's
external financing gap, despite the difficult internal and external political
environment.
A negative rating action on Lebanon would trigger a similar action on Bank
Audi. A sovereign downgrade may result if the country's deposit inflows
significantly slowed or foreign-exchange reserves declined much further than
we currently expect. If the domestic political gridlock escalated to a more
destabilizing situation, we could also lower the ratings.
Conversely, we would raise the ratings on Bank Audi if we were to raise the
ratings on the sovereign. This could happen if Lebanon's policymaking
framework became more predictable, thereby supporting foreign capital inflows
and improving the sustainability of public finances.
Lebanese Bank Audi 'B-/B' Ratings Affirmed Despite Increasing Risks In Turkey; Outlook Stable
- 03-Jul-2018 08:23 EDT
- Credit risk in Turkey, which constitutes around 35% of Bank Audi's
consolidated loan portfolio, has become more pronounced owing to pressure
from the depreciating Turkish lira on dollar-denominated exposures. Also,
as a result, the bank's exposures are now increasingly skewed toward
Lebanon, which we consider to be of higher economic risk. - We note, however, that the bank has sufficient provisions to withstand
the deteriorating environment while maintaining capitalization in line
with our previous expectations. - We are affirming our 'B-/B' ratings on Bank Audi.
- The outlook remains stable, reflecting the outlook on Lebanon.
it affirmed its 'B-/B' long- and short-term issuer credit ratings on
Lebanon-based Bank Audi S.A.L. The outlook is stable.
We believe that Bank Audi's operating environment has deteriorated over recent
months. Credit risk in Turkey has risen owing to pressure from the
depreciating lira on dollar-denominated exposures. In addition, the bank's
exposures in terms of total assets are increasingly skewed toward Lebanon
(reaching 64% at the end of first-quarter 2018), which we consider to be
structurally more risky, although not currently under immediate pressure. This
also affects diversification of the group's earnings by region.
At the same time, we believe that Bank Audi is able to withstand the pressure
from its Turkish exposures. With nonperforming loans (NPLs) at around 4.9% at
the level of the Turkish subsidiary as of first-quarter 2018, the bank is
aligned with its domestic peers. We understand that the group expects to
contain any further deterioration of its NPL portfolio within 1%. We also note
that at year-end 2017 the group possessed $176 million of collective
provisions it considered to be in excess of IFRS 9 requirements. This
represents another 1.1% of the consolidated loan book and should allow the
bank to accommodate some additional stress. As a result, we expect Bank Audi
to maintain its capitalization, with a risk-adjusted capital ratio between
4.25%-4.75% in the next two years. We therefore believe that the bank's group
credit profile remains unchanged, though this could come under pressure from
further deterioration in the bank's asset quality or economic environment.
We believe that the group's funding and liquidity profile remains stable
overall, with limited reliance on wholesale funding and generally sufficient
liquidity buffers at the level of the main operating entities. However, owing
to the bank's exposure to sovereign bonds and central bank deposits and CDs,
which exceed 2.5x of group equity, the ratings remain constrained by the
creditworthiness of Lebanon.
The stable outlook on Bank Audi mirrors our stable outlook on Lebanon. The
stable outlook on the sovereign reflects our expectation that, over the next
12 months, continued deposit inflows to the financial system will remain
sufficient to support the government's borrowing requirement and the country's
external financing gap, despite the difficult internal and external political
environment.
A negative rating action on Lebanon would trigger a similar action on Bank
Audi. A sovereign downgrade may result if the country's deposit inflows
significantly slowed or foreign-exchange reserves declined much further than
we currently expect. If the domestic political gridlock escalated to a more
destabilizing situation, we could also lower the ratings.
Conversely, we would raise the ratings on Bank Audi if we were to raise the
ratings on the sovereign. This could happen if Lebanon's policymaking
framework became more predictable, thereby supporting foreign capital inflows
and improving the sustainability of public finances.
waltermasoni
Caribbean Trader
Lebanon, Government of -- Moody's: Lebanese banking system outlook is stable reflecting modest economic pick-up and continued deposit inflows
impegnativo
Guest
Incrementiamo???
mariarosa78
Forumer attivo
la mia banca dice:NO è presto.....già chiesto