Tunisia - Fitch Ratings has downgraded Tunisia's long-term foreign-currency issuer default rating (IDR) to 'CCC-' from 'CCC+', it said in a statement on Friday. The downgrade to 'CCC-' reflects uncertainty around Tunisia's ability to mobilise sufficient funding to meet its large financing requirement, according to Fitch. It said in the absence of an IMF agreement, about USD2.5 billion of external financing could be attainable in 2023, but the government's financing plan relies on more than USD5 billion of external financing. Foreign exchange reserves will be at risk, Fitch also forecast. © Tap 2022 Provided by SyndiGate Media Inc. (Syndigate.info).

Source: The North Africa Journal June 12, 2023 09:13 UTC