Fitch: Sotuver on evolving watch

Fitch Ratings said it changed the watch on Societe Tunisienne de Verreries' (Sotuver) national long-term rating of B+(tun) to positive from evolving. Fitch also affirmed Sotuver's national short-term rating at B(tun).

The action follows news in October that the court of First Instance of Tunis has authorized the Chahed family to sell their controlling stake in Sotuver to Compagnie Financiere d'Investissement, Fitch said.

The change in rating watch reflects a view that a takeover of Sotuver by Compagnie Financiere d'Investissement would not negatively impact Sotuver's credit profile, the agency said.

The watch will be resolved once the transaction is completed, which is expected within weeks, Fitch said.

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