Mohamed Damak also noted that since the outlooks are stable, the agency does not expect that the BICRA changes over the next 12 months. The Standard & Poor's report indicates that the BICRA revision reflects its view that industry risk in the Tunisian banking system has increased due to the material delays in reform implementation, including the recapitalization of public sector banks and the creation of an asset management company. According to the report, the delays have led to an increase in market distortions, because the Central Bank of Tunisia authorized public sector banks to continue operations despite the protracted breach of the minimum capital adequacy ratio. This is one of the reasons that prompted Standard & Poor's to consider the trend of the economic risk and industry in Tunisia as stable.