Fitch Ratings to leave Tunisia

Reports are being featured that the Fitch Ratings Maghreb, the branch of the rating agency overseeing the region, is winding up its activities in Tunisia and will be closing its doors in the country by the end of the year. It seems as if the decision is prompted by the ongoing global financial crises with many companies cutting down on the budget.
According to reports, the closure of the Fitch Ratings Maghreb in Tunis is different from the official reason. Officially, the decision to entrust the affairs of Tunisia in the Paris office, is part of the rationalization of the management of this great enterprise credit rating but there are claims that the closure is due to the lack of projects and the concept that the leaders of ratings since the last degradation of Tunisian sovereign rating by Standard & Poor. Its departure is expected to be felt by the country.
Fitch ratings office in Tunisia has been active for almost 15 years and it has been serving the francophone countries in Africa. However, the company denied that its decision is not related to the atmosphere in the country.
CEO of Fitch France and Chairman of the Board of Directors of Fitch North Africa, Alain Mera, said the closure is an administrative decision with no links to politics as he recalled the closure of two of their offices in the United states. Alain insisted that “it was a need for sound management. It is by no means motivated by the situation in Tunisia.” Alain said the closure will not affect the analyses of the company with regards to the region.
According to a source, Fitch Ratings is interested to venture into the Moroccan market that Alain Mera considers to be “very sophisticated.”

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