Fitch affirms Entreprise Tunisienne

Fitch Ratings said it affirmed Entreprise Tunisienne d'Activites Petrolieres' national long-term rating at AA+(tun) and national short-term rating at F1+(tun).

The ratings reflect the company's status of a major state-owned company benefiting from a privileged market position in the domestic oil and gas sector, Fitch said.

Its business profile is highly dependent on the performance of commodity prices as it is fully exposed to the upstream exploration and production sector, the agency said.

The company lacks the size and the diversification of its international peers, Fitch added. But, it has demonstrated strong funding capabilities within the local and international banking community, the agency said.

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