Central Bank of Tunisia, Rating

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Ratings given by private international rating agencies to the Tunisian Republic.

YEAR	Agency
YEAR	R&I	Fitch	MOODY'S	STANDARD & POOR'S
1994	BBB+ Stable outlook Jan.1994
1995	BBB+ Stable outlook	BBB- Stable outlook Sept. 1995	Baa3 Stable outlook April1995
1996	BBB+ Stable outlook	BBB- Stable outlook	Baa3 Stable outlook
1997	BBB+ Stable outlook	BBB- Stable outlook	Baa3 Stable outlook	BBB- Stable outlook April 1997
1998	BBB+ Stable outlook	BBB- Stable outlook	Baa3 Stable outlook	BBB- Stable outlook
1999	BBB+ Stable outlook	BBB- Stable outlook	Baa3 Stable outlook	BBB- Stable outlook
2000	BBB+ Stable outlook	BBB- Stable outlook	Baa3 Positive outlook 4 Feb.2000	BBB Stable outlook 21 March 2000
2001	BBB+ Stable outlook	BBB Stable outlook 24 May 2001	Baa3 Positive outlook	BBB Stable outlook
2002	BBB+ Stable outlook	BBB Stable outlook	Baa3 Positive outlook	BBB Stable outlook
2003	BBB+ Stable outlook	BBB Stable outlook	Baa2 Stable outlook 17 April 2003	BBB Stable outlook
2004	BBB+ Stable outlook	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2005	BBB+ Stable outlook	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2006	BBB+ Positive outlook 16 Feb.2006	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2007	A- Stable outlook 30 March 2007	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2008	A- Stable outlook	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2009	A- Stable outlook	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2010	A- Stable outlook	BBB Stable outlook	Baa2 Stable outlook	BBB Stable outlook
2011	BBB Credit watch Negative 17 January 2011	BBB Credit watch Negative 14 January 2011	Baa3 Negative outlook 19 January 2011	BBB Credit watch Negative 18 January 2011
	BBB Credit watch Negative 17 January 2011	BBB Credit watch Negative 14 January 2011		BBB- Stable outlook 16 March 2011
	BBB Negative outlook 31 August 2011	BBB - Negative outlook 2 March 2011		BBB- Negative outlook 28 july 2011

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