Union Bancaire pour le Commerce et I’Industrie – Ratings Affirmed

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 Union Bancaire pour le Commerce et I’Industrie (UBCI or the Bank) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed UBCI’s Bank Standalone Rating (BSR) of ‘c’, Core Financial Strength (CFS) rating of ‘b+’ and Extraordinary Support Level (ESL) of Uncertain. The Outlook for the LT FCR and BSR remains Stable.

UBCI’s LT FCR and BSR are 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…