Attijari Bank – Ratings Affirmed with Stable Outlook
(MENAFN- Capital Intelligence Ltd) 21 October 2026
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Attijari Bank (AB or the Bank) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed AB’s Bank Standalone Rating (BSR) of ‘c’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and the BSR remains Stable.
AB’s LT FCR and BSR are constrained by CI’s internal assessment of sovereign credit risk for Tunisia. The Stable Outlook for the LT FCR is in line with CI’s internal assessment of sovereign risk for Tunisia, reflecting tentative signs of stabilising sovereign risk factors, albeit still at a high level. The outlook takes into consideration the narrowing current account deficit, supported by an increase in agricultural exports and tourism receipts. However, external refinancing risks remain high, aggravated by large external financing needs and limited financing options given the absence of direct access to capital markets. Political risk remains elevated and public finances remain weak. Downside risks for the banking sector remain high and pressure on banks’ credit profiles is elevated due to financial stability risks and macroeconomic vulnerabilities.
AB’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘bb-’, an operating environment risk anchor (OPERA) of ‘c+’ (indicating significant risk), and CI’s assessment of the Bank’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, the Bank’s liquidity, capital and asset quality would be negatively impacted, as would that of the banking sector.
Although the ESL is assessed as Moderate, the assumption of parent support has not resulted in any rating uplift given the level of the BSR and our internal assessment of sovereign risk. AB’s parent bank, Attijariwafa Bank (AWB: LT FCR BBB-, ST FCR A3), is a large Moroccan financial institution operating across the African continent, but with the majority of assets in Morocco. AWB displays a satisfactory financial profile and, therefore, support for the smaller AB would be expected.
AB’s CFS incorporates the financial credit strengths of good liquidity, satisfactory profitability, improved NPL to gross loan ratio, and majority ownership by AWB, Morocco’s largest bank, which provides technical support. The CFS also takes into account the difficult operating environment, a low capital position, increased concentration risk to the sovereign through government bonds, and limited financial disclosure with accounting based on Tunisian standards (as is the case for the sector).
The Bank’s financial performance has for many years been amongst the best in the sector, driven by good revenues and a low cost of risk. The ROAA dipped slightly in 2025 due to weaker NII growth, reflecting the 7% decline in gross loans and lower market interest rates, following the reduction in CBT’s key policy rate. In turn, the net interest margin (NIM) narrowed to 3.0% in 2025, just below the peer average. AB’s high level of liquid assets impacts its NIM. The Bank’s margin is supported by a relatively low cost of funds (4.0% against a peer average of 5.3%). Its good market position has enabled it to attract low-cost deposits. Net profit in H1 26 was stronger by 6% at TND123mn against H1 25. Total operating income rose by 5%, supported by higher interest income from government securities.
Loan asset quality improved sharply in 2025. AB has long had better loan asset quality than the peer group or the sector overall. The Bank’s NPLs declined by 52% (through a combination of write-offs and loans migrating to performing), and consequently the NPL ratio falling to 4.2% at end-2025. AB’s NPL ratio at end June 2026 was 4.9% (net loans declined by a further 4% in H1 26 following a fall of 7% in 2025). The Bank’s NPL ratio is well below the sector ratio of 14%. Tunisian banks do not report to IFRS 9, but Stage 2 loans could be high due to the amount of loan restructuring in Tunisia. Loan-loss reserve coverage is viewed as satisfactory at 90%, although declining y-o-y. Unprovided NPLs to equity, however, was low at 2.6%.
Tunisian government bonds increased significantly to 16% of assets at end 2025. All are Tunisian dinar-denominated. They can be repurchased through the CBT’s discount window, but there is a limited secondary market and thus not considered highly liquid. The share of government claims in total banking assets has risen to around 21%, as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia. AB’s exposure to Tunisian government securities is now high, at 1.8x equity, and hence there is concentration risk to the sovereign.
AB’s good liquidity, alongside its sound funding position, is an important rating driver. The Bank’s stock of liquid assets is at a high level, and above all peer banks, although reflecting the large stock of Tunisian government securities. The loan-based liquidity ratios are sound, including the loan-to-deposit and stable funds ratios, and the LCR is high. More than 80% of AB’s balance sheet is funded by a core customer deposit base, at a level which is the highest in the peer group. At end 2025, central bank funding represented 3.9% (nil in 2024) of total assets. The rise reflected was a strategic move by the Bank, and part of a profitable trade, utilising this funding source to buy Tunisian government securities. We view CBT funding as stable. For the bank-only figures as at H1 26, AB’s liquidity and funding position remained solid. Customer deposits grew by 5% in H1 26 from FY25, with loans down a further 4%. CBT funding declined to 1.5% of assets. The loans to customer deposits ratio fell to 58%. Other liquidity ratios remained strong.
AB’s moderate capital position (CAR: 12.5%, Tier 1: 11.8%) is a constraint on the CFS. The CBT’s required minimum CAR is 10%. The overall capital position of the Bank currently provides only limited capacity to absorb shocks. The payout ratio is high, between 75%-90% over the past few years. AB has some capital flexibility. Majority owned by Morocco’s AWB, shareholders would be expected to participate in any core capital raising if necessary. This was demonstrated in 2025 when AB’s capital was increased by TND40mn to TND250mn. AB could issue subordinated debt, qualifying as supplementary capital, but this would not boost the CAR significantly and would not be loss absorbing. Internal capital generation could be increased by reducing the dividend payout ratio.
Rating Outlook
The Outlook for LT FCR is Stable and is in line with CI’s internal assessment of sovereign credit risk for Tunisia. CI expects AB to maintain its overall financials at a satisfactory level over the next twelve months. Credit risk will remain the main challenge. Profitability and liquidity are expected to remain adequate.
Rating Dynamics: Upside Scenario
The Outlook may be revised to Positive or the ratings raised, but this would require further improvement in the operating environment and would need to be preceded by a similar rating action on the sovereign, all other factors remaining unchanged.
Rating Dynamics: Downside Scenario
The Outlook could be revised to Negative or the ratings reduced by one notch in the next 12 months if the operating environment and/or economy deteriorate beyond our base line scenario, negatively impacting the Bank’s financial profile. This is considered unlikely.
Contact
Primary Analyst: Darren Stubing, Senior Credit Analyst; E-mail: ...
Secondary Analyst: Karti Inamdar, Senior Credit Analyst
Committee Chairperson: Morris Helal, Senior Credit Analyst
About the Ratings
The credit ratings have been issued by Capital Intelligence Ratings Ltd, P.O. Box 53585, Limassol 3303, Cyprus.
The following information source was used to prepare the credit ratings: public information and information provided by the rated entity. Financial data and metrics have been derived by CI from the rated entity’s financial statements for FY2022-25. CI may also have relied upon non-public financial information provided by the rated entity and may also have used financial information from credible, independent third-party data providers.
CI considers the quality of information available on the rated entity to be satisfactory for the purposes of assigning and maintaining credit ratings. CI does not audit or independently verify information received during the rating process.
The principal methodology used to determine the ratings is the Bank Rating Methodology, dated 3 April 2019. For the methodology and our definition of default see Information on rating scales and definitions and the time horizon of rating outlooks can be found at Historical performance data, including default rates, are available from a central repository established by ESMA (CEREP) at
This rating action follows a scheduled periodic (annual) review of the rated entity. Ratings on the entity were first released in March 1995. The ratings were last updated in October 2025. The ratings and rating outlook were disclosed to the rated entity prior to publication and were not amended following that disclosure.
The ratings have been initiated by CI. The following scheme is therefore applicable in accordance with EU regulatory guidelines.
Unsolicited Credit Rating
With Rated Entity or Related Third Party Participation:Yes
With Access to Internal Documents: No
With Access to Management: Yes
Conditions of Use and General Limitations
The information contained in this publication including opinions, views, data, material and ratings may not be copied, distributed, altered or otherwise reproduced, in whole or in part, in any form or manner by any person except with the prior written consent of Capital Intelligence Ratings Ltd (hereinafter “CI”). All information contained herein has been obtained from sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error or other factors by third parties, CI or others, the information is provided “as is” and CI and any third-party providers make no representations, guarantees or warranties whether express or implied regarding the accuracy or completeness of this information.
Without prejudice to the generality of the foregoing, CI and any third-party providers accept no responsibility or liability for any losses, errors or omissions, however caused, or for the results obtained from the use of this information. CI and any third-party providers do not accept any responsibility or liability for any damages, costs, expenses, legal fees or losses or any indirect or consequential loss or damage including, without limitation, loss of business and loss of profits, as a direct or indirect consequence of or in connection with or resulting from any use of this information.
Credit ratings and credit-related analysis issued by CI are current opinions as of the date of publication and not statements of fact. CI’s credit ratings provide a relative ranking of credit risk. They do not indicate a specific probability of default over any given time period. The ratings do not address the risk of loss due to risks other than credit risk, including, but not limited to, market risk and liquidity risk. CI’s ratings are not a recommendation to purchase, sell, or hold any security and do not comment as to market price or suitability of any security for a particular investor. Further information on the attributes and limitations of ratings can be found in the applicable methodology or else at
The information contained in this publication does not constitute investment or financial advice. As the ratings and analysis are opinions of CI they should be relied upon to a limited degree and users of this information should conduct their own risk assessment and due diligence before making any investment or other business decisions.
Copyright © Capital Intelligence Ratings Ltd 2026
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Attijari Bank (AB or the Bank) at ‘C+’ and ‘C’, respectively. At the same time, CI Ratings has affirmed AB’s Bank Standalone Rating (BSR) of ‘c’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and the BSR remains Stable.
AB’s LT FCR and BSR are constrained by CI’s internal assessment of sovereign credit risk for Tunisia. The Stable Outlook for the LT FCR is in line with CI’s internal assessment of sovereign risk for Tunisia, reflecting tentative signs of stabilising sovereign risk factors, albeit still at a high level. The outlook takes into consideration the narrowing current account deficit, supported by an increase in agricultural exports and tourism receipts. However, external refinancing risks remain high, aggravated by large external financing needs and limited financing options given the absence of direct access to capital markets. Political risk remains elevated and public finances remain weak. Downside risks for the banking sector remain high and pressure on banks’ credit profiles is elevated due to financial stability risks and macroeconomic vulnerabilities.
AB’s BSR of ‘c’ (CI does not append ‘+/-’ modifiers to BSRs in the ‘c’ category) is derived from a CFS rating of ‘bb-’, an operating environment risk anchor (OPERA) of ‘c+’ (indicating significant risk), and CI’s assessment of the Bank’s capacity to withstand sovereign-linked economic and financial stress. In a sovereign event, the Bank’s liquidity, capital and asset quality would be negatively impacted, as would that of the banking sector.
Although the ESL is assessed as Moderate, the assumption of parent support has not resulted in any rating uplift given the level of the BSR and our internal assessment of sovereign risk. AB’s parent bank, Attijariwafa Bank (AWB: LT FCR BBB-, ST FCR A3), is a large Moroccan financial institution operating across the African continent, but with the majority of assets in Morocco. AWB displays a satisfactory financial profile and, therefore, support for the smaller AB would be expected.
AB’s CFS incorporates the financial credit strengths of good liquidity, satisfactory profitability, improved NPL to gross loan ratio, and majority ownership by AWB, Morocco’s largest bank, which provides technical support. The CFS also takes into account the difficult operating environment, a low capital position, increased concentration risk to the sovereign through government bonds, and limited financial disclosure with accounting based on Tunisian standards (as is the case for the sector).
The Bank’s financial performance has for many years been amongst the best in the sector, driven by good revenues and a low cost of risk. The ROAA dipped slightly in 2025 due to weaker NII growth, reflecting the 7% decline in gross loans and lower market interest rates, following the reduction in CBT’s key policy rate. In turn, the net interest margin (NIM) narrowed to 3.0% in 2025, just below the peer average. AB’s high level of liquid assets impacts its NIM. The Bank’s margin is supported by a relatively low cost of funds (4.0% against a peer average of 5.3%). Its good market position has enabled it to attract low-cost deposits. Net profit in H1 26 was stronger by 6% at TND123mn against H1 25. Total operating income rose by 5%, supported by higher interest income from government securities.
Loan asset quality improved sharply in 2025. AB has long had better loan asset quality than the peer group or the sector overall. The Bank’s NPLs declined by 52% (through a combination of write-offs and loans migrating to performing), and consequently the NPL ratio falling to 4.2% at end-2025. AB’s NPL ratio at end June 2026 was 4.9% (net loans declined by a further 4% in H1 26 following a fall of 7% in 2025). The Bank’s NPL ratio is well below the sector ratio of 14%. Tunisian banks do not report to IFRS 9, but Stage 2 loans could be high due to the amount of loan restructuring in Tunisia. Loan-loss reserve coverage is viewed as satisfactory at 90%, although declining y-o-y. Unprovided NPLs to equity, however, was low at 2.6%.
Tunisian government bonds increased significantly to 16% of assets at end 2025. All are Tunisian dinar-denominated. They can be repurchased through the CBT’s discount window, but there is a limited secondary market and thus not considered highly liquid. The share of government claims in total banking assets has risen to around 21%, as the banking sector increased its lending to the government and the sovereign-bank nexus rose in Tunisia. AB’s exposure to Tunisian government securities is now high, at 1.8x equity, and hence there is concentration risk to the sovereign.
AB’s good liquidity, alongside its sound funding position, is an important rating driver. The Bank’s stock of liquid assets is at a high level, and above all peer banks, although reflecting the large stock of Tunisian government securities. The loan-based liquidity ratios are sound, including the loan-to-deposit and stable funds ratios, and the LCR is high. More than 80% of AB’s balance sheet is funded by a core customer deposit base, at a level which is the highest in the peer group. At end 2025, central bank funding represented 3.9% (nil in 2024) of total assets. The rise reflected was a strategic move by the Bank, and part of a profitable trade, utilising this funding source to buy Tunisian government securities. We view CBT funding as stable. For the bank-only figures as at H1 26, AB’s liquidity and funding position remained solid. Customer deposits grew by 5% in H1 26 from FY25, with loans down a further 4%. CBT funding declined to 1.5% of assets. The loans to customer deposits ratio fell to 58%. Other liquidity ratios remained strong.
AB’s moderate capital position (CAR: 12.5%, Tier 1: 11.8%) is a constraint on the CFS. The CBT’s required minimum CAR is 10%. The overall capital position of the Bank currently provides only limited capacity to absorb shocks. The payout ratio is high, between 75%-90% over the past few years. AB has some capital flexibility. Majority owned by Morocco’s AWB, shareholders would be expected to participate in any core capital raising if necessary. This was demonstrated in 2025 when AB’s capital was increased by TND40mn to TND250mn. AB could issue subordinated debt, qualifying as supplementary capital, but this would not boost the CAR significantly and would not be loss absorbing. Internal capital generation could be increased by reducing the dividend payout ratio.
Rating Outlook
The Outlook for LT FCR is Stable and is in line with CI’s internal assessment of sovereign credit risk for Tunisia. CI expects AB to maintain its overall financials at a satisfactory level over the next twelve months. Credit risk will remain the main challenge. Profitability and liquidity are expected to remain adequate.
Rating Dynamics: Upside Scenario
The Outlook may be revised to Positive or the ratings raised, but this would require further improvement in the operating environment and would need to be preceded by a similar rating action on the sovereign, all other factors remaining unchanged.
Rating Dynamics: Downside Scenario
The Outlook could be revised to Negative or the ratings reduced by one notch in the next 12 months if the operating environment and/or economy deteriorate beyond our base line scenario, negatively impacting the Bank’s financial profile. This is considered unlikely.
Contact
Primary Analyst: Darren Stubing, Senior Credit Analyst; E-mail: ...
Secondary Analyst: Karti Inamdar, Senior Credit Analyst
Committee Chairperson: Morris Helal, Senior Credit Analyst
About the Ratings
The credit ratings have been issued by Capital Intelligence Ratings Ltd, P.O. Box 53585, Limassol 3303, Cyprus.
The following information source was used to prepare the credit ratings: public information and information provided by the rated entity. Financial data and metrics have been derived by CI from the rated entity’s financial statements for FY2022-25. CI may also have relied upon non-public financial information provided by the rated entity and may also have used financial information from credible, independent third-party data providers.
CI considers the quality of information available on the rated entity to be satisfactory for the purposes of assigning and maintaining credit ratings. CI does not audit or independently verify information received during the rating process.
The principal methodology used to determine the ratings is the Bank Rating Methodology, dated 3 April 2019. For the methodology and our definition of default see Information on rating scales and definitions and the time horizon of rating outlooks can be found at Historical performance data, including default rates, are available from a central repository established by ESMA (CEREP) at
This rating action follows a scheduled periodic (annual) review of the rated entity. Ratings on the entity were first released in March 1995. The ratings were last updated in October 2025. The ratings and rating outlook were disclosed to the rated entity prior to publication and were not amended following that disclosure.
The ratings have been initiated by CI. The following scheme is therefore applicable in accordance with EU regulatory guidelines.
Unsolicited Credit Rating
With Rated Entity or Related Third Party Participation:Yes
With Access to Internal Documents: No
With Access to Management: Yes
Conditions of Use and General Limitations
The information contained in this publication including opinions, views, data, material and ratings may not be copied, distributed, altered or otherwise reproduced, in whole or in part, in any form or manner by any person except with the prior written consent of Capital Intelligence Ratings Ltd (hereinafter “CI”). All information contained herein has been obtained from sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error or other factors by third parties, CI or others, the information is provided “as is” and CI and any third-party providers make no representations, guarantees or warranties whether express or implied regarding the accuracy or completeness of this information.
Without prejudice to the generality of the foregoing, CI and any third-party providers accept no responsibility or liability for any losses, errors or omissions, however caused, or for the results obtained from the use of this information. CI and any third-party providers do not accept any responsibility or liability for any damages, costs, expenses, legal fees or losses or any indirect or consequential loss or damage including, without limitation, loss of business and loss of profits, as a direct or indirect consequence of or in connection with or resulting from any use of this information.
Credit ratings and credit-related analysis issued by CI are current opinions as of the date of publication and not statements of fact. CI’s credit ratings provide a relative ranking of credit risk. They do not indicate a specific probability of default over any given time period. The ratings do not address the risk of loss due to risks other than credit risk, including, but not limited to, market risk and liquidity risk. CI’s ratings are not a recommendation to purchase, sell, or hold any security and do not comment as to market price or suitability of any security for a particular investor. Further information on the attributes and limitations of ratings can be found in the applicable methodology or else at
The information contained in this publication does not constitute investment or financial advice. As the ratings and analysis are opinions of CI they should be relied upon to a limited degree and users of this information should conduct their own risk assessment and due diligence before making any investment or other business decisions.
Copyright © Capital Intelligence Ratings Ltd 2026
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