Fitch Ratings has revised Tunisia-based Caisse des Prets et de Soutien des Collectivites Locales’ (CPSCL) Outlook to Stable from Negative and affirmed its National Long-term rating at ‘AA-(tun)’ and National Short-term rating at ‘F1+(tun),’ the ratings agency reported on Thursday.
The Outlook revision and ratings affirmation follows the recent revision on Tunisia’s Outlook to Stable from Negative and affirmation of its IDR at ‘BB-‘”, dated 27 March 2015.
CPSCL’s ratings are linked to those of the Tunisian sovereign (BB-/BB/Stable/B), reflecting CPSCL’s status as a public establishment, with significant control by the state.
The ratings factor in CPSCL’s high strategic importance in providing funding to local authorities, but also Fitch’s assessment of moderate probability of state support, if needed.
