banking

Tunisia: Capital Intelligence downgrades ratings of five Tunisian banks

October 19, 2022

Capital Intelligence Ratings (CI Ratings or CI) announced that it has downgraded the ratings of five Tunisian banks, with outlook remaining negative.

Hence, the Long-Term Foreign Currency Rating (LT FCR) of Banque Nationale Agricole (BNA) was lowered to ‘B-‘ from ‘B’, while its Short-Term Foreign Currency Rating (ST FCR) was affirmed at ‘B’.

At the same time, CI Ratings has lowered BNA’s Bank Standalone Rating (BSR) to ‘b-‘ from ‘b’. The Outlook for the LT FCR and BSR remains Negative. The Bank’s Core Financial Strength (CFS) rating of ‘b+’ and Extraordinary Support Level (ESL) of Moderate have both been affirmed.

Moroever, Capital Intelligence has downgraded the Long-Term Foreign Currency Rating (LT FCR) of Société Tunisienne de Banque (STB) to ‘B-‘ from ‘B’ and affirmed the Short-Term Foreign Currency Rating (ST FCR) at ‘B’. At the same time, CI Ratings has lowered STB’s Bank Standalone Rating (BSR) to ‘b-‘ from ‘b’.

The Outlook for the LT FCR and BSR remains Negative. The Bank’s Core Financial Strength (CFS) rating of ‘b+’ and Extraordinary Support Level (ESL) of Moderate have both been affirmed.

CI also lowered the Long-Term Foreign Currency Rating (LT FCR) of Attijari Bank (AB) to ‘B-‘ from ‘B’ and affirmed the Short-Term Foreign Currency Rating (ST FCR) at ‘B’. At the same time, CI Ratings has lowered AB’s Bank Standalone Rating (BSR) to ‘b-‘ from ‘b’.

The Outlook for the LT FCR and BSR remains Negative. AB’s Core Financial Strength (CFS) rating of ‘bb’ and Extraordinary Support Level (ESL) of Moderate have both been affirmed.

The ratings agency also downgraded the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Banque Internationale Arabe de Tunisie (BIAT) to ‘B-‘ and ‘b-‘, respectively, from ‘B’ and ‘b’. The Outlook on both ratings remains Negative.

At the same time, CI Ratings has affirmed the Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘B’, Core Financial Strength (CFS) rating of ‘bb’ and Extraordinary Support Level (ESL) of Moderate.

Capital Intelligence finally has downgraded the Long-Term Foreign Currency Rating (LT FCR) of Union Bancaire pour le Commerce et I’Industrie (UBCI) to ‘B-‘ from ‘B’, and affirmed the Short-Term Foreign Currency Rating (ST FCR) at ‘B’.

At the same time, CI Ratings has lowered UBCI’s Bank Standalone Rating (BSR) to ‘b-‘ from ‘b’. The Outlook for the LT FCR and BSR remains Negative.

The Bank’s Core Financial Strength (CFS) rating of ‘bb-‘ and Extraordinary Support Level (ESL) of Uncertain have also been affirmed.

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