Union Bancaire pou le Commerce et I’Industrie’s Ratings Lowered

Union Bancaire pou le Commerce et I’Industrie’s Ratings Lowered

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating (LT FCR) of Union Bancaire pour le Commerce et l’Industrie (UBCI) to ‘B’ from ‘B+’ and affirmed the Short-Term Foreign Currency Rating (ST FCR) at ‘B’. At the same time, CI Ratings has downgraded UBCI’s Bank Standalone Rating (BSR) to ‘b’ from ‘b+’, and the Core Financial Strength (CFS) rating to ‘bb-‘ from ‘bb+’. The Extraordinary Support Level (ESL) has been adjusted to Uncertain from High. The Outlook for the LT FCR and BSR remains Stable.

The downgrade in UBCI’s ratings follows the sale of most of BNP Paribas’ (BNPP) stake in the Bank to the local Carte Group in H1 21. BNPP, previously the majority shareholder in UBCI, sold a 39% stake in the Bank to Carte. BNPP currently owns an 11.09% stake (previously…