Tunisia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa2 Stable | N/A — | B- Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Sep 12, 2025 | Fitch | CCC+ | — | B- | Stable | |
| Sep 16, 2024 | Fitch | CCC- | — | CCC+ | — | |
| Mar 22, 2024 | Moody's | Caa2 | Negative | Caa2 | Stable | |
| Jun 09, 2023 | Fitch | CCC+ | — | CCC- | — | |
| Jan 27, 2023 | Moody's | Caa1 | Under Review | Caa2 | Negative | |
| Dec 01, 2022 | Fitch | CCC | — | CCC+ | — | |
| Sep 30, 2022 | Moody's | Caa1 | Negative | Caa1 | Under Review | |
| Mar 18, 2022 | Fitch | B- | Negative | CCC | — | |
| Oct 14, 2021 | Moody's | B3 | Negative | Caa1 | Negative | |
| Jul 08, 2021 | Fitch | B | Negative | B- | Negative | |
| Feb 23, 2021 | Moody's | B2 | Negative | B3 | Negative | |
| Nov 23, 2020 | Fitch | B | Stable | B | Negative | |
| Oct 06, 2020 | Moody's | B2 | Under Review | B2 | Negative | |
| May 12, 2020 | Fitch | B+ | Negative | B | Stable | |
| Apr 17, 2020 | Moody's | B2 | Stable | B2 | Under Review | |
| Feb 14, 2020 | Moody's | B2 | Negative | B2 | Stable | |
| Oct 16, 2018 | Moody's | B2 | Stable | B2 | Negative | |
| May 27, 2018 | Fitch | B+ | Stable | B+ | Negative | |
| Mar 14, 2018 | Moody's | B1 | Negative | B2 | Stable | |
| Aug 18, 2017 | Moody's | Ba3 | Negative | B1 | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Tunisia’s current credit rating?
Tunisia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Tunisia’s credit risk.
Has Tunisia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Tunisia, showing when each agency last reviewed or changed its assessment.
Why does Tunisia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Tunisia's bond yields, currency, and equity flows as investors reassess risk.
How does Tunisia’s rating compare to other countries?
You can explore how Tunisia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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