Amen Bank – Ratings Downgraded; Outlook Remains Negative

Amen Bank – Ratings Downgraded; Outlook Remains Negative

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Amen Bank (Amen) to ‘B-’ and ‘b-’, respectively, from ‘B’ and ‘b’. The Outlook for the LT FCR and BSR remains Negative. At the same time, CI Ratings has affirmed the Bank’s Short-Term Foreign Currency Rating ( ST FCR ) of ‘B’, Core Financial Strength (CFS) rating of ‘bb-’ , and Extraordinary Support Level (ESL) of Uncertain.

The change in A men’s LT FCR and BSR follows a recent lowering in CI’s internal assessment of sovereign risk for Tunisia and also reflects the more challenging operating environment. The downward adjustment in our internal assessment of the sovereign’s creditworthiness is primarily driven by Tunisia’s elevated…