Fitch lifts ETAP to stable

Fitch Ratings said it revised Entreprise Tunisienne d’Activites Petrolieres’ (ETAP) outlook to stable from negative and affirmed its national long-term rating at AA-(tun) and national short-term rating at F1+(tun).

ETAP is a wholly-state-owned company with the specific status of a business-oriented public entity, commonly known as an EPNA.

The outlook revision follows the revision of Tunisia’s sovereign outlook to stable from negative, Fitch said.

The agency said it applies a parent and subsidiary rating-linkage methodology, notching ETAP down one notch from its parent, the Tunisian sovereign, due to tight legal, strategic and operational links between ETAP and its sole shareholder.

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