Fitch changes Arab Tunisian Bank to negative

Fitch Ratings said it revised Arab Tunisian Bank's outlook to negative from stable and affirmed its long-term foreign- and local-currency issuer default ratings at BB-.

The viability rating was affirmed at b, the support rating at 3 and the national long-term rating at AA+(tun) with a stable outlook.

Fitch said the outlook revision reflects a similar action on the Tunisian sovereign on May 27.

Arab Tunisian Bank’s ratings are driven by the moderate probability of support the bank could expect to receive, if required, from its majority (64.2%) shareholder, Arab Bank plc (BB/stable), the agency explained. Arab Tunisian Bank is strategically important to Arab Bank, which is committed to the development of retail banking and financial services in Tunisia and the broader Middle East and North African region.

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