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Bond Market News
Tunisia Upgraded by Two Notches to CCC+
September 17, 2024
Tunisia was upgraded by two notches to CCC+ from CCC- by Fitch. The upgrade reflects Tunisia’s ability to meet its large fiscal financing needs, according to Fitch. Tunisia’s international reserves have strengthened due to lower current account deficit (CAD) leading to an improvement in its ability to meet upcoming external debt obligations in 2024-25. Tunisia has a $1bn dollar bond maturing in January 2025 and a €700mn bond maturing in July 2026. Fitch forecasts Tunisia’s reserves to remain above three months of external payments till 2026 enabling it to service its debt obligations despite the absence of an IMF program. Tunisia received $2.8bn in external financing commitments this year through August 2024, from bilateral partners that initially had conditioned financing on the approval of an IMF program. A further $600mn is expected to be received by end-2024.
Its dollar bonds traded stable with its 5.75% 2025s at 96.6, yielding 15.43%.
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