Moody's Investors Service ("Moody's") has downgraded to Caa2 from Caa1 the long-term bank deposit ratings of Amen Bank ("Amen"), Banque de Tunisie ("BdT"), Banque Internationale Arabe de Tunisie ("BIAT") and Societe Tunisienne de Banque ("STB"). Concurrently, Moody's has confirmed at Caa1 the long-term bank deposit ratings of Arab Tunisian Bank ("ATB"). Moody's also changed the outlook to negative from rating under review on the long-term bank deposit ratings of all five Tunisian rated banks.
Today's rating action concludes the review for downgrade initiated on 4 October 2022.
The rating actions on the banks follow Moody's downgrade of Tunisia's government long-term issuer ratings of Caa2 with a negative outlook on 27 January 2023. For further information on the sovereign rating action, please refer to Moody's press release: "Moody's downgrades Tunisia's ratings to Caa2 with a negative outlook, concluding its review" (https://ratings.moodys.com/ratings-news/398103).
Concurrent to today's rating action, Tunisia's ceilings have been lowered to B2 for the local-currency ceiling and Caa1 for the foreign-currency ceiling.
