Fitch Ratings has affirmed Wifak International Bank’s (Wifak) National Long-Term Rating at ‘BB(tun)’ with a Stable Outlook and its National Short-Term Rating at ‘B(tun)’, it said in a statement.
Wifak’s ratings are driven by its standalone creditworthiness, which is heavily influenced by the challenging Tunisian operating environment, said the rating agency.
The ratings reflect the bank’s small franchise and declining capitalization given high growth and modest profitability.
Fitch’s assessment also factors in vulnerable asset quality, which is partially mitigated by a more granular financing book than peers’.
It added that the bank’s liquidity position is moderate in the local context, supported by increased inflows of deposits in recent years.
