Attijari Bank – Ratings Lowered; LT FCR Outlook Remains Negative

Attijari Bank – Ratings Lowered; LT FCR 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 Short-Term Foreign Currency Rating (ST FCR) of Attijari Bank (AB) to ‘C+’ and ‘C’, respectively, from ‘B-’ and ‘B’. The Outlook for the LT FCR remains Negative. At the same time, CI Ratings has lowered AB’s Bank Standalone Rating (BSR) by one notch to ‘c’, from ‘b-’, and the Core Financial Strength (CFS) rating to ‘bb-’, from ‘bb’. AB’s Extraordinary Support Level (ESL) of Moderate has been affirmed.

The change in AB’s FCRs and BSR follows a lowering in CI’s internal assessment of sovereign risk for Tunisia and also reflects the more challenging operating environment and weaker economy. The downward adjustment of our internal assessment of the sovereign’s creditworthiness is primarily driven by…