Summary: Banque Tuniso - Koweitienne Jul 10

Standard & Poors, July 2010

Abstract
The ratings on Tunisia-based Banque Tuniso - Koweitienne (BTK) reflect the bank's poor funding and liquidity profile, weak asset quality, rapid loan growth, material (though declining) concentration on the domestic tourism sector, and lack of franchise in a competitive banking landscape. Positively, they reflect our expectations of shareholder support in an event of stress. Other positive rating factors include BTK's strong capitalization, clear and ambitious strategy, capable management, and recent focus on retail lending and funding. The rating on BTK is two notches above the bank's stand-alone credit profile, reflecting our view that there is a high likelihood of extraordinary support from the bank's majority shareholder, France-based bank BPCE (A+/Stable/A-1), which owns 60% of BTK via wholly owned subsidiary BPCE...

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Banque Tuniso-Koweitienne
- BPCE

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