Capital Intelligence (CI), the international credit rating agency announced it has affirmed the ratings of “Union Bancaire pour le Commerce et l’Industrie (UBCI),” based in Tunis, Tunisia.
UBCI’s Financial Strength Rating (FSR) is affirmed at ‘bb’, with the rating constrained by weak profitability and tight liquidity, said the rating agency.
The rating is supported by relatively sound loan asset quality in the context of the Tunisian banking sector and slightly improved capital.
The Outlook for the FSR is ‘Stable’. The Long-Term and Short-Term Foreign Currency Ratings are maintained at ‘bb+’ and ‘b’ respectively. The Outlook for the Foreign Currency Ratings is ‘Negative’, reflecting CI’s view of sovereign risk factors in Tunisia – specifically a still challenging economic environment and instability. The Support Rating is maintained at ’2′ due to the majority BNP Paribas ownership.