Fitch rates Banque de Tunisie

Fitch ratings said it assigned Banque de Tunisie et des Emirats (BTE) long- and short-term term local currency ratings of BBB and F3, respectively, with a stable outlook for the long-term rating.

Its foreign currency ratings are affirmed at long-term BBB- with a stable outlook, short-term F3, individual D and support 2, Fitch said.

At the same time, Fitch North Africa said it affirmed BTE's and Banque Tuniso-Koweitienne de Developpement's (BTKD) long-and short-term national ratings at AA-(tun) and F1+(tun), respectively.

BTKD's support rating has been affirmed at 2.

All BTE's long-term and short-term ratings, and its support rating, reflect what Fitch views as a high probability of support for BTE from the Tunisian authorities, should this ever be necessary, the agency noted.

Its individual rating reflects the bank's marginal position in the local banking sector, fragile profitability and poor asset quality by international standards. BTKD's long- and short-term national ratings are also driven by the high probability of state support, should this ever be required, Fitch added.

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