S&P cuts Tunisia to negative

Standard & Poor's said it revised the outlook on the Republic of Tunisia to negative from stable.

The agency also said it affirmed its BBB-/A-3 foreign-currency and BBB/A-3 local-currency credit ratings on the sovereign and the Central Bank of Tunisia.

The transfer and convertibility assessment for Tunisia remains at BBB, the agency said.

The action reflects a view that risks to Tunisia's credit standing will persist during the next year, at least until the elections for the constitutional assembly take place and the economic recovery firms up, S&P said.

The ratings are supported by Tunisia's track record of modest fiscal and current account deficits and past policies that have engendered sustained economic growth, the agency said.

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