Fitch rates Orascom Telecom Tunisie BB+

Fitch Ratings said it assigned BB+ international foreign- and local-currency issuer default ratings and an A(tun) national long-term rating to Tunisia-based Orascom Telecom Tunisie.

The outlook is stable.

The agency said the ratings reflect Orascom Telecom Tunisie's improving credit profile, driven by the economy in Tunisia, and its strengthening position in the domestic market (47% local market share) under its popular Tunisiana brand.

Orascom Telecom of Egypt and Wataniya of Kuwait own 50% of Orascom Telecom Tunisie each and possess equal rights in management control. Fitch said it views both shareholders as being committed to the strategic development of the business and that, in time, both parties would like to increase their participation in the company to take effective control. Orascom Telecom Tunisie's ratings are based on the standalone performance and financial profile of its Tunisiana-branded mobile business, but Fitch said the ratings factor in an expectation that the business will in time make reasonable dividend payments to its shareholders.

Net debt to EBITDA was 1.7x at the end of September.

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