TEXT-Fitch revises CPSCL's national rating to 'AA-(tun)';outlook negative

(The following statement was released by the rating agency)

Dec 31 - Fitch Ratings has revised Tunisia-based Caisse des Prets et de Soutien des Collectivites Locales' (CPSCL) National Long-term rating to 'AA-(tun)' from 'AA(tun)' and affirmed the National Short-term rating at 'F1+(tun)'. The Outlook on the National Long-term rating is Negative. At the same time, Fitch has withdrawn CPSCL's Support Rating of '3' due to a criteria change. Fitch now applies its 'Ratings of Public Sector Entities - Outside the US' criteria to rate CPSCL with a top-down approach, rather than its Financial Institutions criteria.

The National rating actions follow the downgrade of Tunisia's Issuer Default Rating (see "Fitch Downgrades Tunisia to 'BB+', Outlook Negative", dated 12 December 2012 at www.fitchratings.com), and indirectly reflect a relative weakening of the sovereign creditworthiness within the National scale. The Negative Outlook on the National Long-term Rating reflects that on Tunisia's Long-term IDRs.

CPSCL's ratings are linked to those of Tunisia, reflecting its quasi-sovereign status, the high probability of government support in case of need and its public sector policy role in providing infrastructure funding to Tunisian local authorities.

View the original article here