The Fitch Ratings rating agency announced, Friday, September 12, 2025, the improvement of the sovereign note of Tunisia, from CCC+ to B-, accompanied by a stable perspective. According to the agency, this revision reflects an improvement in the country’s external balance.
The reasons for the revision
In its press release relayed by Reuters, Fitch explains that this increase is linked to the reduction of the deficit in the Tunisian current account and an increase in the resilience of foreign direct investment flows. These factors have helped improve the external position of Tunisia, considered more solid than a year before.
A contrast with 2024
In September 2024, Fitch had attributed the CCC+note to Tunisia, then invoking the fragility of external finances and the weight of the debt. The agency nevertheless estimated that continuous external support, associated with a reduction in debt repayments in currency, could allow the country to stabilize its net external funding by 2026.
Economic context
This increase comes in a context where Tunisia seeks to strengthen the confidence of investors and to secure its external funding. The increase in the note could facilitate the country’s access to international financial markets, but the sustainability of this dynamic remains dependent on economic reforms and the evolution of the global situation.
