Tunisia

Moody's Investors Service ("Moody's") has downgraded to Caa2 from Caa1 the long-term bank deposit ratings of Amen Bank ("Amen"), Banque de Tunisie ("BdT"), Banque Internationale Arabe de Tunisie ("BIAT") and Societe Tunisienne de Banque ("STB"). Concurrently, Moody's has confirmed at Caa1 the long-term bank deposit ratings of Arab Tunisian Bank ("ATB"). Moody's also changed the outlook to negative from rating under review on the long-term bank deposit ratings of all five Tunisian rated banks.

Fitch Ratings has downgraded Tunisia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of 'CCC' or below.

Tunisia's central bank left its interest rate steady and called on politicians and other stakeholders to carry out economic reforms that can help the country overcome its current crises and emphasized the need to restore the confidence of international institutions and foreign donors in the country's economy.

Moody's Investors Service ("Moody's") has today downgraded the Government of Tunisia's long-term foreign-currency and local-currency issuer ratings to B3 from B2 and maintained the negative outlook.