Union Bancaire pour le Commerce et I’Industrie – R atings Lowered ; LT FCR Outlook Remains Negative
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Ref: TN 010 2 2 CRA00- 01 17 Octo ber 202 3
Union Bancaire pour le Commerce et I’Industrie – R atings 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 Union Bancaire pour le Commerce et I’Industrie (UBCI) 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 UBCI’s Bank Standalone Rating ( BSR) by one notch to ‘ c ’ , from ‘b – ’ , and the Core Financial Strength ( CFS) rating to ‘b+’ from ‘bb-’ . The Extraordinary Support Level (ESL) of Uncertain has been affirmed .
The change in UBCI’s FCRs and BSR follows a lowering in CI’s internal assessment of…