Fitch Ratings has affirmed Enda Tamweel S.A.’s (Enda) National Long- and Short-Term Ratings at ‘BBB-(tun)’ and ‘F3(tun)’, respectively. The Outlook on the National Long-Term Rating is Stable.
The ratings of Enda are driven by its standalone strength and the challenging operating environment for financial institutions in Tunisia, which has a high influence on its financial profile.
This is balanced against the company’s strong franchise and name recognition in a niche market, a record of solid profitability, reasonable asset quality metrics and the strong capital buffers.
Enda is Tunisia’s (B/Stable) largest lender in the microfinance sector, including private companies and ‘associations’, where it controls a 58% market share by loans, but remains a small player in the country’s overall financial sector, said the rating agency.