Banque Nationale Agricole – Ratings Affirmed with Stable Outlook

16 October 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque Nationale Agricole (BNA) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed BNA’s Bank Standalone Rating (BSR) at ‘c’, and the Core Financial Strength (CFS) at ‘b’. BNA’s Extraordinary Support Level (ESL) of Moderate has been affirmed.  The Outlook for the LT FCR and BSR remains Stable.

BNA’s LT FCR is constrained by CI’s internal assessment of sovereign credit risk for Tunisia. The Stable Outlook for the LT FCR is in line with CI’s internal assessment of sovereign risk for Tunisia, reflecting signs of stabilising sovereign risk factors, albeit still at a very high level. The outlook takes into consideration the narrowing current account deficit, supported by an increase in agricultural exports and tourism receipts. However,…