Amen Bank – Ratings Affirmed with a Stable Outlook

Ref: TN 0 0 9 1 9 CRA00- 01 2 December 2020

Amen Bank – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the L ong-Term Foreign Currency Rating (LT FCR ) and Short-Term Foreign Currency (S T FCR ) of Amen Bank ( Amen ) at ‘B’ and ‘B’, respectively. At the same time, CI Ratings has affirmed the Bank’s Bank Standalone Rating ( BSR ) of ‘b’, Core Financial Strength ( CFS ) rating of ‘bb – ’ and Extraordinary Support Level ( ESL ) of Uncertain . The Outlook for the ratings remains Stable.

Amen’s FCRs reflect its financial credit strengths of satisfactory capital ratios and good levels of operating income and profitability. The FCRs also incorporate a high level of NPLs, only adequate loan – loss coverage, financial disclosure based on Tunisian standards (as is the case for the sector), and a very challenging operating environment with the…