Moody's cuts some Tunisian banks

Moody's Investors Service said it downgraded the global local currency and foreign currency deposit ratings of five Tunisian banks: Societe Tunisienne de Banque to Ba1/Not Prime from Baa3/Prime-3; Banque Internationale Arabe de Tunisie to Baa3/Prime-3 from Baa2/Prime-2; Banque de Tunisie to Baa3/Prime-3 from Baa2/Prime-2; Arab Tunisian Bank to Baa3/Prime-3 from Baa2/Prime-2; and Amen Bank to Ba1/Not Prime from Baa3/Prime-3.

These deposit ratings remain under review for possible downgrade, Moody's said.

The downgrades follow Moody's decision on Jan. 19 to lower Tunisia's government bond rating to Baa3 with a negative outlook, the agency said.

The rating reviews reflect concerns about the potential impact of the social and political unrest on the economy and credit conditions, Moody's said.

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