trending Market Intelligence /marketintelligence/en/news-insights/trending/5p4lanysznm5tiwlkjdhbq2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Moody's revises Tunisia's outlook to negative

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Moody's revises Tunisia's outlook to negative

Moody's revised its outlook on Tunisia's issuer ratings to negative from stable and affirmed the ratings at B2, citing the country's weak foreign exchange reserves position, slower pace of net capital flows and worsening trade balance.

The rating agency noted a rise in external vulnerability risks as foreign exchange reserves declined to 2.5 months of goods imports cover at the end of September from 3.3 months a year earlier. It also noted the effect of rising oil prices which weigh on the country's external accounts.

Trade balance declined to 13.3% of estimated full-year GDP over the first nine months of 2018 compared to 11.9% of full-year GDP over the same period last year. Current account deficit is expected to stand at 9.7% of GDP at the end of 2018 and 8.5% in 2019, from 10.2% in 2017. Moody's said FDI inflows at about 2% of GDP finance only a small part of the current account deficit.

"In light of economy-wide external financing needs at over 30% of GDP over the next two years, Moody's estimates external liabilities maturing over the following year (plus foreign currency long-term deposits) to amount to over 250% of foreign exchange reserves by the end of 2019 from 220% in 2018, a much lower reserves coverage than for most B-rated sovereigns," the agency said.

The agency said sustained reduction in external and fiscal imbalances and prospects of a steady increase in foreign exchange reserves would support a change in outlook to stable. Conversely, a downgrade would be likely if there was a marked increase in the costs of external funding.