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Banking Industry Country Risk Assessment: Tunisia Oct 09
Standard & Poors, Oct 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Good track record of stability. Limited reliance on international markets. Open and fairly diversified economy. Stiff competition. Exposure to cyclical sectors. Weak, although improving, asset quality at the system level. Standard & Poor's Ratings Services ranks the banking industry in the Republic of Tunisia (foreign currency BBB/Stable/A-3, local currency A-/Stable/A-2) in Group 8 out of our 10 global Banking Industry Country Risk Assessment (BICRA) groups (where Group 1 is the strongest). This classification reflects our opinion of the banking system's weak, although improving, asset quality; its exposure to cyclical sectors amid an economic slowdown; and intense competition. Partly offsetting these negative factors are our opinion that the banking system has a good track record of stability and a limited reliance...
Companies mentioned in this report are: Societe Generale,Banque Tuniso - Koweitienne,Arab Tunisian Bank,Banque de l'Habitat,Societe Tunisienne de Banque (Unsolicited Ratings),Attijariwafa Bank,Banque de Tunisie et des Emirats
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