Fitch downgrades Arab Tunisian Bank

Fitch Ratings said it downgraded Arab Tunisian Bank's viability rating to B- from B and affirmed its long-term foreign- and local-currency issuer default ratings at BB-.

The outlook remains negative.

Fitch also said it affirmed the bank's national long-term rating at AA+(tun) with a stable outlook.

The downgrade reflects the bank's recent performance deterioration and weakening of asset quality, impacted by a difficult operating environment, the agency said.

The negative outlook mirrors the outlook on Tunisia, Fitch added.

The bank is strategically important to Arab Bank and its long-term issuer default rating is therefore notched down once from its parent's ratings, the agency said.

Arab Bank is committed to the development of retail banking and financial services in Tunisia and the broader Middle East and North African regions, Fitch said.

Tunisia's country ceiling constrains Arab Tunisian Bank's issuer default ratings and drives the negative outlook, the agency said.

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