Ver Angola

Banking and Insurance

Moody's reviews Banco Económico's low rating

Moody's downgraded Banco Económico's rating to Caa3, given the time the bank is taking to finalize its recapitalization process, justified by "exogenous factors", namely the drop in oil prices.

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According to a note from the bank, one of the reasons is the fall in the price of oil, which has an impact on the main source of revenue for the economy, putting increased pressure on public finances and the net foreign exchange position.

The spread of the covid-19 pandemic and its impact on the Angolan and international economy, namely in terms of deteriorating credit and liquidity conditions, as well as the pace of economic recovery are among the difficulties.

Banco Económico "faces the current moment with serenity and resilience, having implemented the necessary measures to continue to develop its activity, in articulation and in full compliance with the regulations of the regulator [Banco Nacional de Angola]", says the bank's management, cited above. on the note.

"The bank awaits the rapid completion of its recapitalization process and is also focused on finding the best solutions for its clients' needs, in the continuous support to Angolan companies and families", stresses the administration.

With regard to the bank's current operations, the institution states that it continues to fulfill its objectives and to work on behalf of its customers and all its 'stakeholders', with a view to providing increasingly professional and efficient services .

Banco Económico's rating was Caa2, now changing to Caa3, with the deposit and counterparty risk down one note, maintaining the credit risk, a factor considered positive given the current economic situation.

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