Fitch ups Compagnie des Phosphates

Fitch Ratings said it upgraded Compagnie des Phosphates de Gafsa's national long-term rating to AA(tun) from AA-(minus)(tun) and short-term rating to F1+(tun) from F1(tun).

The outlook remains stable.

Fitch also said it changed Groupe Chimique Tunisien's outlook to stable from positive, and affirmed its national long-term rating at AA(tun) and short-term rating at F1+(tun).

The upgrade comes after a re-examination of the Tunisian phosphate industry's strong operational ties with the government and the state's demonstrated tangible support, Fitch said.

The ratings recognize the Tunisian phosphate industry's high level of integration, the agency said, and continue to reflect the company's strong operating performance, good cash flow generation and solid liquidity.

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