Capital Intelligence (CI), on Monday, announced that it has suspended the ratings of Union Bancaire pour le Commerce et l’Industrie (UBCI), based in Tunis, Tunisia.
UBCI’s rating suspension is linked to 2013 financial statements’ pending approval by the shareholders assembly. Ratings will be updated as soon as 2013 financial statements are released.
At the time of suspension, UBCI’s Financial Strength Rating (FSR) was ‘BB’. The Outlook for the FSR was ‘Stable’.
UBCI’s Foreign Currency Ratings were ‘BB+’ Long-Term and ‘B’ Short-Term. The Outlook for the Foreign Currency Ratings was ‘Negative’ at the time of suspension. The Support Rating was ‘2’ due to the majority BNP Paribas (BNPP) ownership.
CI does not foresee any worsening of UBCI’s financial situation as evidenced through Key Performance Indicators (KPIs) available on the Tunisian financial market authority website (Conseil du Marché Financier: CMF).