Moody's rates Central Bank of Tunisia notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to the Central Bank of Tunisia's forthcoming dollar-denominated notes. The outlook is negative.

The agency said Tunisia's credit strengths include a sizable and well-educated middle class and a relatively diversified economy as well as the country's improving institutional capacity and political dynamics.

Tunisia's credit challenges relate to persistent security concerns, including infiltrations from neighboring Libya, and to potential social discontent associated with high unemployment, especially among young graduates, Moody’s said.

The negative outlook reflects the sizable external pressures on the balance of payments and on government finances in spite of the improvement in the domestic political climate, the agency said.

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