Fitch Ratings has affirmed Tunisia’s long-term (LT) debt ratings at ‘B-‘ and assigned a Recovery Rating of ‘RR4’, removing it from Under Criteria Observation (UCO).
The actions reflect the application of Fitch’s new Sovereign Rating Criteria (September 2025) and for the first time incorporate recovery assumptions into sovereign debt ratings, the agency said.
Tunisia has an ESG Relevance Score (RS) of ‘5’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model, according to Fitch.
Besides, Fitch Ratings pointed out that Tunisia has a medium WBGI ranking at the 36th percentile, reflecting low political stability, weakening rule of law and rights for participation in the political process and moderate institutional capacity and level of perceived corruption.
