Tunisia: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in Tunisia: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Fitch B+ Negative 7/2019
Fitch B+ Negative 6/2019
Moody's B2 Stable 1/2019
Fitch B+ Negative 12/2018
Moody's B2 Negative 10/2018
Fitch B+ Negative 5/2018
Moody's B2 Negative 3/2018
Fitch B+ Stable 11/2017
Moody's B1 Negative 8/2017
Fitch BB+ Stable 5/2017
Fitch BB+ Stable 2/2017
Moody's Ba3 Negative 11/2016
Fitch BB- Negative 8/2016
Fitch BB- Negative 7/2016
Fitch BB- Negative 3/2016
Moody's Ba3 Stable 2/2016
Moody's Ba3 Stable 5/2015
Fitch BB- Negative 10/2014
Fitch BB- Negative 4/2014
Standard & Poor's NR NR 12/2013
Moody's Ba3 Negative 11/2013
Fitch BB- Negative 10/2013
Standard & Poor's B Negative 8/2013
Moody's Ba2 Negative 3/2013
Standard & Poor's BB- Negative 2/2013
Moody's Ba1 Negative watch 2/2013
Fitch BB+ Negative 12/2012
Standard & Poor's BB Stable 5/2012
Fitch BBB- Negative 2/2012
Fitch BBB- Negative 10/2011
Standard & Poor's BBB- Negative 7/2011
Standard & Poor's BBB- Stable 3/2011
Fitch BBB- Negative 3/2011
Standard & Poor's BBB Negative watch 1/2011
Moody's Baa3 Negative 1/2011
Fitch BBB Negative 1/2011
Standard & Poor's BBB Stable 4/2009
Standard & Poor's BBB Stable 4/2006
Standard & Poor's BBB Stable 11/2005
Moody's Baa2 Stable 11/2003
Moody's Baa2 Stable 4/2003
Fitch BBB Stable 5/2001
Fitch BBB- Positive 9/2000
Standard & Poor's BBB Stable 3/2000
Standard & Poor's BBB- Stable 4/1997
Moody's Baa3 Stable 4/1995

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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