Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) in both local and foreign currency of Union Bancaire pour le Commerce et l’Industrie (UBCI) at “B-” with a stable outlook, as well as its Viability Rating (VR) at “b-”.
Fitch also confirmed UBCI’s long-term national rating at “AA-(tun)” with a stable outlook.
UBCI’s IDRs are driven by the bank’s standalone creditworthiness, as reflected in its “b-” Viability Rating.
The VR reflects the bank’s high sovereign exposure to Tunisia (B-/Stable) and a challenging operating environment.
The ratings also take into account the bank’s modest franchise and profitability, its asset quality indicators, its reasonable capitalization, and its solid funding profile.
UBCI’s national ratings reflect its creditworthiness relative to that of other rated issuers in Tunisia, said the rating agency.
