Fitch Ratings has affirmed Tunisia-based “Caisse des Prets et de Soutien des Collectivites Locales” (CPSCL) National Long-term rating at ‘AA-(tun)’ and National Short-term rating at ‘F1+(tun)’. The Outlook is Negative.
The affirmation follows the agency’s downgrade of Tunisia’s Long-term foreign currency Issuer Default Rating (IDR) to ‘BB-’ from ‘BB+’, Long-term local currency IDR to ‘BB’ from BBB-’, and Country Ceiling to ‘BB’ from ‘BBB-’. The affirmation indirectly reflects the affirmation of the sovereign creditworthiness within the National scale.
CPSCL’s ratings are linked to those of Tunisia, reflecting its quasi-sovereign status, the high probability of government support in case of need and its public sector policy role in providing infrastructure funding to Tunisian local authorities.