Fitch Ratings has assigned Tunisia's forthcoming euro-denominated notes an expected rating of 'B+(EXP)'.

The assignment of a final rating is contingent on the receipt of final documents conforming to information already received.

Tunisia intends to use the proceeds from the bonds for general budgetary purposes.

KEY RATING DRIVERS

The expected rating is in line with Tunisia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+', which has a Negative Outlook.

RATING SENSITIVITIES

The rating would be sensitive to changes in Tunisia's Long-Term Foreign-Currency IDR.

In May 2018, Fitch affirmed Tunisia's Long-Term Foreign- and Local-Currency IDRs at 'B+' and revised the Outlook to Negative from Stable.