Tunisia: Fitch revises issuers after recalibration

Four issuers in Tunisia have been affected by a recent review exercise for new ratings. Fitch Ratings said it carried out the review due to a recent recalibration of the Tunisian National scale in a released statement. The recalibration of the Tunisian National scale follows Fitch Ratings downgrade of Tunisia’s sovereign rating and country ceiling to ‘BB+’/Negative and to ‘BBB-‘, respectively a couple of weeks ago.
Societe des Ciments d’Enfidha (SCE) was not affected by the review. It still maintains the ratings of its Long-term National Rating and Short-term National Rating which is rated at ‘BBB’ and ‘F3’ respectively. Its stable outlook is unaffected too. Servicom also has the same outcome with a stable outlook although it has lower ratings, ‘B’.
The four companies affected are the Tunisian Enterprise of Petroleum Activities (ETAP), the Phosphate Company of Gafsa (CPG), Groupe Chimique Tunisien (GCT) and Tunisiana SA. The Long-term National Rating of Tunisian Enterprise of Petroleum Activities (ETAP) is now ‘AA-’ after the revision but its short term rating of ‘F1+’ was unaffected unlike others.  The Phosphate Company of Gafsa (CPG) and the Groupe Chimique Tunisien (GCT) had their short-term ratings revised to ‘F1’ while their long-term national ratings were reduced to the rating of ‘A+’. Finally, Tunisiana SA has a stable outlook but its ratings also fell to ‘AA’.
Fitch ratings does periodic revisions in order to provide independent and prospective credit opinions, research and data to help to investors, issuers and other market participants in their decision making. The firm is acknowledged worldwide for its range of industry-leading products and professional development services to the global financial community.