Fitch affirms Tunisia phosphates

Fitch Ratings said it affirmed Compagnie des Phosphates de Gafsa's and Groupe Chimique Tunisien's national long-term ratings at AA(tun) and national short-term ratings at F1+(tun).

The outlook is stable.

The affirmations reflect the Tunisian phosphate industry's strong operational ties to the government and state support due to the strategic importance of the phosphate industry to the country, the agency said.

Fitch said it recognizes the government's strong influence on both companies' management is due to its full ownership of both companies.

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