Fitch Ratings has affirmed Tunisia’s long-term sovereign credit rating at “B-” with a Stable Outlook, indicating elevated but controlled credit risk.
The agency also assigned a “RR4” recovery rating, suggesting that in the event of default, creditors may expect a moderate recovery. Tunisia has been removed from the Under Criteria Observation (UCO) list under updated methodology published in September 2025, which introduces explicit recovery assumptions in sovereign debt analysis.
The rating’s future trajectory depends on sustained fiscal deficit reduction, improved debt-to-GDP dynamics, stronger economic policies, and continued accumulation of foreign reserves.
