Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (5 lettori)

waltermasoni

Caribbean Trader
Rating Action:
Moody's changes Tunisia's outlook to stable from negative, affirms B2 rating

14 Feb 2020
New York, February 14, 2020 -- Moody's Investors Service has today changed the outlook to stable from negative on the Government of Tunisia's issuer rating and affirmed the rating at B2.



Moody's has also changed the outlook on the Central Bank of Tunisia's ratings to stable from negative, and affirmed the B2 senior unsecured rating and the (P)B2 senior unsecured MTN program and senior unsecured shelf ratings. The Central Bank of Tunisia is legally responsible for the payments on all of the government's bonds. These debt instruments are issued on behalf of the government.



The stable outlook reflects the stabilization in the balance of payments and the debt burden that Moody's expects to be maintained as tighter monetary policy stabilizes the currency and fiscal policy prudence is likely to remain, despite significant constraints to rapid consolidation.



The affirmation of the B2 rating reflects external vulnerability risk that remains elevated in light of large external financing needs, and a high debt burden still vulnerable to potential currency and financing shocks. It also takes into account the relative strength of Tunisia's institutions and governance and the potential for the economy to return to stronger growth rates, given a diversified economic base and educated labor force.



Tunisia's local currency and foreign currency long-term bond and deposit ceilings remain unchanged: the long-term local currency bond and bank deposit ceilings at Ba2, long-term foreign currency bank deposit ceiling at B3, and the foreign currency bond ceiling at Ba3. The short-term foreign currency bond and bank deposit ceilings remain unchanged at Not Prime.
 

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