ATB : Fitch Rating relève la perspective de la note émetteur à long terme en devises étrangère de négative à stable.

Date: 15/01/2019Unité monétaire: TND
Valeur nominale1Nbre d'actions100 000 000
Dernier cours4.150PER (sur 1 année) / marché13,39x/10,76x
Var. der. clôture %0BPA (sur 1 année)0.310
Bidn.dDer. dividende0,230
Askn.dDate Distribution14/05/2015
Cap. Boursière415 000 000Var. sur 1 an4.150->4.150
MM(20)-MM(50)4,150-4,150Rdt ajusté depuis le 31/12/20180
Echg. quot. moyen (sur une année)0Advance/Decline (sur une année)0 hausses / 0 baisses

Fitch Rating a confirmé le 1er avril, les notes émetteur à long terme de l’Arab Tunisian Bank (ATB) en monnaie étrangère et locale, respectivement à ‘BB’ et ‘BB+’, relevant la perspective pour la première note de négative à stable et maintenant la dernière sous surveillance négative.

 La décision de Fitch fait suite à la révision par l’agence de notation des perspectives de la note souveraine en devises étrangères de la Tunisie, de négative à stable le 27 mars 2015. L’agence rappelle que la notation d’ATB prend en compte la probabilité de soutien par son actionnaire majoritaire à hauteur de 64,2%, Arab Bank Plc noté BBB-/Negative, et pour qui ATB présente une importance stratégique avec une contribution de 4% dans le résultat net part du groupe et de 6% dans les actifs consolidés. ATB bénéficie par ailleurs, de l’expérience du groupe bancaire jordanien en matière de gestion des risques.

Fitch Rating souligne que la note émetteur à long terme en devises étrangère de l’ATB butte sur la note souveraine de la Tunisie en raison des risques liés au transfert et à la convertibilité, contrairement à la note émetteur en monnaie locale qui ne subit pas cette contrainte et demeure un cran en dessus de la première.

- Fin

Version anglaise du communiqué de Fitch ratings :

Fitch Ratings has affirmed Arab Tunisian Bank's (ATB) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB' and 'BB+' respectively. The Outlook on ATB's Long-term foreign currency IDR has been revised to Stable from Negative. The Outlook on ATB's long-term local currency IDR remains Negative. The rating actions follow Fitch's revision of the Outlook on Tunisia's long-term foreign currency IDRs to Stable from Negative (See "Fitch affirms Tunisia at 'BB-'; Outlook Revised to Stable", dated 27 March 2015 at fitchratings.com). A full list of rating actions follows at the end of this press release. KEY RATING DRIVERS- IDRS, SUPPORT RATING, NATIONAL RATINGS, SENIOR DEBT ATB's IDRs, Support Rating, National Ratings and senior debt rating are driven by the moderate probability of support it could expect to receive, if required, from its majority (64.2%) shareholder, Arab Bank Plc (AB, rated BBB-/Negative). This is because ATB is strategically important to AB as the latter remains committed to the development of retail banking in Tunisia, in line with AB's strategy in the Middle East/North African region. ATB is fairly well integrated with AB, which defines the subsidiary's strategy, oversees its credit, market and liquidity risks and provides ATB with its expertise in risk management. ATB's assets and operating profit contributed 6% and 4% respectively to AB's in 2013. ATB's Long-term foreign currency IDR is capped by Tunisia's Country Ceiling of 'BB' due to convertibility and transfer risks. ATB's Long-term local currency IDR is not constrained by Tunisia's Country Ceiling, and as a result is a notch higher than the Long-term foreign currency IDR. Nevertheless, in line with Fitch's criteria, the agency assumes significant correlation between the risk of foreign currency and local currency restrictions being imposed in a particular country, and therefore will rarely assign a Long-term local currency IDR more than one notch above the Long-term foreign currency IDR. The Stable Outlook on ATB's Long-term foreign currency IDR mirrors that on Tunisia. The Negative Outlooks on ATB's Long-term local currency IDR and National Long-term Rating mirror that on AB's Long-term foreign currency IDR. RATING SENSITIVITIES - IDRS, SUPPORT RATING, NATIONAL RATINGS, SENIOR DEBT ATB's IDRs, National ratings, Support Rating and senior debt rating are sensitive to changes in Fitch's assumptions of AB's capacity and willingness to support the bank. ATB's Long-term foreign currency IDR would be sensitive to a two-notch downgrade of AB's Long-term foreign currency IDR, due to Tunisia's Country Ceiling currently acting as a cap. Its Long-term local currency IDR and National Long-term Rating are sensitive to a one-notch downgrade of AB's Long-term foreign currency IDR. The Support Rating would be sensitive to a downgrade of AB's Long-term foreign currency IDR by more than two notches. ATB's Long-term foreign currency IDR would also be sensitive to any downward revision of Tunisia's Country Ceiling, which is strongly correlated with sovereign risk. ATB's Long-term foreign currency IDR will be positively impacted by any upward revision of Tunisia's Country Ceiling. An upgrade of the Long-term local currency IDR and National Long-term Rating is contingent on an upgrade of AB's Long-term foreign currency IDR and an upward revision of Tunisia's Country Ceiling. The rating actions are as follows: Arab Tunisian Bank Long-term foreign currency IDR: affirmed at 'BB', Outlook revised to Stable from Negative Short-term foreign currency IDR: affirmed at 'B' Long-term local currency IDR: affirmed at 'BB+', Outlook Negative Short-term local currency IDR: affirmed at 'B' Support Rating: affirmed at '3', Viability Rating: Unaffected at 'b' National Long-term rating: affirmed at 'AA+(tun)', Outlook Negative National Short-term rating: affirmed at 'F1+(tun)' 

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