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Tunisian Financial Institution Risk Assessment Under Scrutiny: Governor’s Lecture Highlights Importance of Rating Agencies

Governor’s Keynote Address

Governor Mohamed El Béji Hamda of the Central Bank of Tunisia (BCT) recently delivered a lecture at the annual conference of Tunisia’s Forex club, shedding light on the critical importance of financial institution risk assessment and rating. In his address, the Governor emphasized that credit ratings provide valuable insights into a country’s, institution’s or enterprise’s ability to fulfill its medium- and long-term internal and external commitments.

Importance of Rating Agencies

The Governor highlighted the significance of seeking the expertise of international rating agencies, which he described as a necessary step towards optimal integration with global capital markets. Tunisia has successfully leveraged this approach, securing an Investment Grade rating from international agencies since 1995. This stability has enabled the country to access long-term funding sources, including bonds with maturities of up to 30 years.

Positive Reviews and Upgrades

The Governor noted that Tunisia’s sustained economic growth and consolidated macroeconomic aggregates have contributed to a positive review by two major rating agencies, Moody’s and Standard & Poor’s. These upgrades have propelled Tunisia closer to the “A” category, reserved for countries deemed low-risk.

Additional Risk Assessment Matrices

In addition, other financial institutions, such as Coface, have developed their own risk assessment matrices. Coface has ranked Tunisia among its top-tier group of countries with low short-term and medium-term risk profiles. The Deposit and Lodging Fund has also published a comparative assessment of emerging markets, placing Tunisia fifth overall, ahead of several African nations.

Credit Ratings for Tunisian Banks

The Governor emphasized that credit ratings are essential for Tunisian banks to increase market awareness of their quality and to establish their position on international capital markets. As Tunisia’s reputation grows, the Governor anticipates that banks will assume a more significant role in mobilizing external resources, replacing the state and central bank as primary sources of funding.

Key Takeaways

• Credit ratings provide valuable insights into a country’s or institution’s ability to fulfill its medium- and long-term internal and external commitments.
• International rating agencies play a crucial role in assessing financial institution risk and providing stability for long-term funding access.
• Tunisia has successfully leveraged international rating agencies, securing an Investment Grade rating since 1995.
• The country’s sustained economic growth and consolidated macroeconomic aggregates have contributed to positive reviews by major rating agencies.
• Other financial institutions, such as Coface, have developed their own risk assessment matrices, ranking Tunisia among its top-tier group of countries with low short-term and medium-term risk profiles.