Union Bancaire pour le Commerce et I’Industrie – R atings Lowered ; Outlook Remains Negative

Ref: TN 010 2 1 CRA00- 01 1 3 Octo ber 202 2

Union Bancaire pour le Commerce et I’Industrie – R atings Lowered ; Outlook Remains Negative

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 I’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 lowered UBCI’s Bank Standalone Rating ( BSR) to ‘b-’ from ‘b’. The Outlook for the LT FCR and BSR remains Negative. T he Bank’s Core Financial Strength ( CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Uncertain have also been affirmed .

The change in UBCI’s LT FCR and BSR follows a recent lowering in CI’s internal assessment of sovereign risk for Tunisia and also reflects the more…