Ratings agency Fitch has downgraded Tunisia two notches to ‘CCC,’ eight levels below investment grade and a rating that implies a “real possibility” of default. Fitch cites “heightened fiscal and external liquidity risks” linked to delays to an IMF funding program meant to shore up the country’s crumbling economy.

Tunisia is seeking around $4bn from the IMF which would also unlock other sources of multilateral funding. It would also help Tunisia regain access to international markets. (CONTINUED - 301 WORDS)