“Fitch Ratings has placed Tunisia’s ‘CCC’ Long-Term Foreign – (FC) and Local-Currency Issuer Default Ratings (IDRs) and debt instruments Under Criteria Observation (UCO) following the conversion of the agency’s exposure draft of its Sovereign Rating Criteria into final criteria, says expert in economics and financial markets, Moez Hadidane.”
Long-Term Foreign – (FC) and Local-Currency Issuer Default Ratings (IDRs) of Tunisia was lowered by Fitch Rating, March 18, 2022, from ‘B-‘ with negative outlook to CCC. The agency explained this decision by the delays in reaching an agreement with the International Monetary Fund (IMF).
According to Hadidane, Fitch Ratings has placed the default ratings of long-term issuers in foreign currency (FC) and local currency (IDR) as well as long-term debt instruments Under Criteria Observation (UCO), which would allow to assign to Tunisia and other countries in the same category, a rating of “CCC-” or “CCC+”.
The UCO indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Outlooks, explains the rating agency in a statement.
