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Tunisia's Economy Takes Another Hit as Moody's Cuts Rating

  • Country’s rating now on par with Argentina and Nigeria
  • Downgrade hobbles Tunisia’s ability to borrow internationally
The city skyline in Tunis.

The city skyline in Tunis.

Photographer: Trevor Snapp/Bloomberg

Moody’s Investors Service downgraded Tunisia’s credit rating on its deteriorating fiscal situation, complicating the government’s plans to raise capital on international markets.

The ratings company lowered Tunisia’s long-term issuer credit rating by one notch to B2 -- five levels below investment grade and on a par with Argentina, Nigeria, Cameroon and Kenya. Moody’s, which had last downgraded Tunisia seven months ago, assigned it a ‘‘stable’’ outlook.