Fitch affirms Tunisia

Fitch Ratings said it affirmed Tunisia's long-term issuer default ratings at foreign-currency BBB and local-currency A-.

The outlook is stable.

The agency affirmed the short-term foreign-currency issuer default at F2 and the country ceiling at BBB+.

Tunisia enjoys stable growth with low inflation and modest current account and budget deficits, and the company also is benefiting from gradual economic reforms and more political stability, Fitch said.

However, economic growth of more than 5% over the past four years was insufficient to reduce unemployment, which remained above14% in 2006. And its peers in the BBB category are reforming more quickly and seeing faster improvement of key indicators of creditworthiness, the agency said.

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