International credit rating agency Fitch Ratings has raised its long-term outlook on Tunisian glass maker Sotuver to positive from stable, it was reported on 31 March 2005.
Sotuver“s long-term ratin…
International credit rating agency Fitch Ratings has raised its long-term outlook on Tunisian glass maker Sotuver to positive from stable, it was reported on 31 March 2005. Sotuver“s long-term rating is BB- with a positive outlook and the short-term rating is B. Sotuver is Tunisia“s only producer of container glassware, and makes 82% of its sales from bottles for beverages such as soda, wine, beer and water. Most of its output is sold on the domestic market. The company“s output reached 53,000 tonnes in 2004, generating a turnover of TND 18.5 million (USD 14.8 million/EUR 11.4 million), up 79% year-on-year. In assigning its national ratings, Fitch takes into account the company“s almost monopolistic position in the Tunisian market, the customs tariff protection under which the company will operate through 2008 and the potential for sales growth. Demand for glass bottles, and in particular for non-returnable bottles, is forecast to increase. In 2004 Sotuver managed to spread the use of non-returnable wine bottles.