Fitch revises ETAP to negative

Fitch Ratings said it revised Tunisian oil and gas company Entreprise Tunisienne d'Activites Petrolieres (ETAP)’s outlook to negative from stable and affirmed its national long- and short-term ratings at AA-(tun) and F1+(tun), respectively.

The action follows Fitch's March 4 revision of Tunisia's sovereign outlook to negative from stable.

ETAP's negative outlook reflects the pressure on its shareholder's ratings and the agency’s view that a further downgrade of Tunisia's ratings may put downward pressure on ETAP's ratings.

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