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Banque Tuniso-Koweitienne Aug 11
Standard & Poors, Aug 2011
Abstract
Strategically important subsidiary of BPCE and expected shareholder support in a stress scenario. Satisfactory loss-absorption capacities, owing to strong capitalization and adequate preprovision earnings. Transformation into a universal bank, which reduces asset concentration risks and refinancing risks. Likely weak asset quality and elevated credit losses in 2011. Still unfavorable funding profile. Small size in the fragmented Tunisian market and low business diversity. High operating risks in Tunisia. The rating on Tunisia-based Banque Tuniso-Koweitienne (BTK) primarily reflects Standard & Poor's Ratings Services' opinion of the high risks of operating in the Republic of Tunisia (foreign currency BBB-/Negative/A-3; local currency BBB/Negative/A-3). Further rating constraints are the bank's weak asset quality, unfavorable funding profile, and modest competitive position. Our expectation of extraordinary shareholder...
Companies mentioned in this report are: Banque Tuniso-Koweitienne,BPCE
Action: Review
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: Full Analysis
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