HomeNewsTunisia: UBCI rated 'CCC+' with stable outlook by Fitch

Tunisia: UBCI rated ‘CCC+’ with stable outlook by Fitch

Fitch Ratings has assigned Tunisian-based Union Bancaire pour le Commerce et L’Industrie (UBCI) Long-Term Local-and-Foreign Currency Issuer Default Ratings of ‘CCC+’ and a Viability Rating of ‘ccc+’. Fitch has also assigned UBCI Long- and Short-Term National Ratings of ‘AA-(tun)’ and ‘F1+(tun)’, respectively, it said in a statement on Monday.

The Outlook on UBCI’s National Long-Term Rating is Stable.

UBCI’s IDRs are driven by the bank’s standalone creditworthiness, as reflected in its VR of ‘ccc+’. The VR reflects the bank’s high sovereign exposure to Tunisia (CCC+) and a challenging domestic operating environment. The ratings also capture the bank’s modest franchise and profitability, reasonable asset quality metrics and capitalization, and a good funding profile.

Highest National Ratings currently assigned to any issuer in Tunisia UBCI’s National Ratings are driven by the bank’s standalone creditworthiness. They are the highest National Ratings currently assigned by Fitch to any issuer in Tunisia, except for banks whose ratings capture shareholder support.

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