Uncertainties about political stability and future economic policy caused Fitch Ratings, a credit-rating agency, to downgrade Tunisia's sovereign rating for the second time since the start of the year. At the start of March Fitch downgraded the rating from BBB to BBB- with a negative outlook. Fitch said that if the elections scheduled for later this year produced a stable government with a strong mandate to implement responsible fiscal and economic policies and gain investors' confidence, the outlook could be upgraded to "stable". If they did not, the rating could be reduced further, probably to "junk" status. It is not clear if other credit-rating agencies will follow Fitch and reduce their own ratings. In January Moody's Investors Service downgraded Tunisia's sovereign rating from Baa2 to Baa3 with a negative outlook.