Banque de Tunisie ’s Ratings Lowered ; Outlook Re mains Negative

Ref: TN 00 3 2 1 CRA00- 01 26 Octo ber 202 2

Banque de Tunisie ’s Ratings Lowered ; Outlook Re mains Negative

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating (LT FCR) of Banque de Tunisie (BT) to ‘B – ’ from ‘B’ and affirmed the Short-Term Foreign Currency Rating ( ST FCR ) at ‘B’. The Outlook for the LT FCR remains Negative. At the same time, CI Ratings has lowered BT’s Bank Standalone Rating (BSR) to ‘b – ’ from ‘b’ , with a Negative Outlook . The Bank’s Core Financial Strength (CFS) rating of ‘bb’ and Extraordinary Support Level (ESL) of Moderate have both been affirmed.

The change in BT ’s LT FCR and BSR follows a recent lowering of CI’s internal assessment of sovereign risk for Tunisia . It also reflects a more difficult operating environment. The downward…