Rating agency Capital Intelligence Ratings (CI Ratings or CI) announced on Tuesday that it has downgraded the long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) of Banque Internationale Arabe de Tunisie (BIAT) to ‘C+’ and ‘C’, respectively, from ‘B-‘ and ‘B’.
The outlook on the LT FCR remains negative. At the same time, CI Ratings downgraded BIAT’s inherent rating (BSR) by one notch to ‘c’ from ‘b-‘, its financial strength rating by one notch to ‘c’ from ‘b-‘ and its core financial strength rating by one notch to ‘bb-‘ from ‘bb’. The Extraordinary Support Level (ESL) was confirmed at ‘moderate’.
CI Ratings also announced that it had downgraded the long-term foreign currency rating (LT FCR) and the short-term foreign currency rating (ST FCR) of Banque Nationale Agricole (BNA) from ‘B-‘ and ‘B’ to ‘C+’ and ‘C’ respectively. The outlook on the LT FCR rating remains negative.
At the same time, CI Ratings downgraded BNA’s intrinsic rating by one notch to ‘c’ from ‘b-‘ and its core financial strength (CFS) rating to ‘b’ from ‘b+’. BNA’s moderate Extraordinary Support Level (ESL) was affirmed.
The rating agency also announced that it had downgraded Union Bancaire pour le Commerce et l’Industrie (UBCI)’s long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) to ‘C+’ and ‘C’, respectively, from ‘B-‘ and ‘B’.
The outlook on LT FCR remains negative. At the same time, CI Ratings downgraded UBCI’s intrinsic rating by one notch to ‘c’ from ‘b-‘ and its core financial strength rating to ‘b+’ from ‘bb-‘. The Extraordinary Support Level (ESL) was confirmed at ‘uncertain’.
