Fitch Ratings has affirmed Arab Tunisian Bank’s (ATB) Long-Term Local Currency Issuer Default Rating (IDR) at ‘BB+’. The agency has also affirmed ATB’s and Arab Tunisian Lease’s (ATL) National Long-Term Ratings at ‘AA+(tun)’ and ‘BBB(tun)’, respectively. The Outlooks are Negative.
The rating actions follow Fitch’s downgrade of Tunisia’s Long-Term Local Currency IDR to ‘BB-‘ from ‘BB’ as a result of which it is now equalized with Tunisia’s Long-Term Foreign Currency IDR.
This was also driven by a change in Fitch’s sovereign rating criteria dated 22 July 2016.
ATB’s Long-Term Foreign Currency IDR and Viability Rating are unaffected by this rating action.