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S&P cuts three Tunisian banks
S&P said it downgraded three Tunisian banks citing an expected contraction in the country’s economy from the effect of the pandemic.
The agency trimmed to B- the long-term issuer credit ratings on Arab Tunisian Bank and BH Bank. The outlooks on both banks are stable.
“We are also lowering to CCC+ the long-term ICR on Banque Tuniso-Koweitienne (BTK) and revising the CreditWatch on the rating to developing from negative,” S&P said in a press release.
S&P also affirmed the B- long-term ICR on Banque de Tunisie et des Emirats. The outlook remains stable.
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