Banque Nationale Agricole – LT FCR Downgraded; Outlook Revised to Negative from Stable

Ref: TN 0 1 4 20 CRA00- 01 16 November 202 1

Banque Nationale Agricole – LT FCR Downgraded; Outlook Revised to Negative from Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating (LT FCR) of Banque Nationale Agricole (BNA) to ‘ B ’ from ‘ B+ ’ and affirmed the Short-Term Foreign Currency Rating ( ST FCR) at ‘ B ’ . The Outlook for the LT FCR has been revised to Negative from Stable. At the same time, CI Ratings has affirmed BNA ’ s Bank Standalone Rating (BSR) at ‘ b ’ but r evised the BSR Outlook to Negative from Stable. The Bank ’ s Core Financial Strength (CFS) rating of ‘ b+ ’ and Extraordinary Support Level (ESL) of Moderate have both been affirmed.

The change in BNA ’ s LT FCR and the revision of the LT FCR and BSR Outlook to Negative follows the recent lowering of CI ’…