Fitch Ratings has affirmed the National Ratings of Arab International Lease (AIL), Arab Tunisian Lease (ATL), Attijari Leasing (AL), Compagnie Internationale de Leasing (CIL), El Wifack Leasing (EWL), Hannibal Lease (HL), Modern Leasing (ML), and Tunisie Leasing (TL).
The affirmation of the eight entities’ National Ratings follows a full review of the Tunisian leasing sector. National Ratings reflect the creditworthiness of an issuer relative to the best credit and to peers in the country.
AIL, ATL, AL and ML’s National Ratings are support-driven, while CIL, EWL, HL, and TL’s are driven by the companies’ creditworthiness on a standalone basis.
The affirmation of AIL, ATL, AL and ML’s National Ratings reflects stability in Fitch’s opinion on the willingness and capacity of respective ultimate shareholders to support their subsidiary if need be. The Outlooks on the respective National Long-term Ratings are Stable, except for ML.
The affirmation of CIL, EWL, HL and TL’s National Ratings reflects Fitch’s unchanged view on these leasing companies’ creditworthiness relative to peers based on funding, liquidity, asset quality, capital adequacy, performance and corporate governance. The Outlook on the respective National Long-term Rating is Stable.
The rating actions are as follows:
ML
National Long-term Rating: affirmed at’BBB(tun)’; Outlook Negative. National Short-term Rating: affirmed at ‘F3(tun)’
Arab International Lease
National Long-term Rating: affirmed at ‘A+(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘F1(tun)’. National senior unsecured debt rating: affirmed at ‘A+(tun)’
Arab Tunisian Lease
National Long-term Rating: affirmed at ‘BBB(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘F3(tun)’. National senior unsecured debt rating: affirmed at ‘BBB(tun)’ and National subordinated debt rating: affirmed at ‘BB(tun)’
Attijari Leasing
National Long-term Rating: affirmed at ‘BB+(tun)’; Outlook Stable, National Short-term Rating: affirmed at ‘B(tun)’. National senior unsecured debt rating: affirmed at ‘BB+(tun)’ and National subordinated debt rating: affirmed at ‘B+(tun)’
Tunisie Leasing
National Long-term Rating: affirmed at ‘BBB+(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘F2(tun)’. National senior unsecured debt rating: affirmed at ‘BBB+(tun)’.
National subordinated debt rating: affirmed at ‘BB+(tun)’
Compagnie Internationale de Leasing
National Long-term Rating: affirmed at ‘BBB-(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘F3(tun)’. National senior unsecured debt rating: affirmed at ‘BBB-(tun)’
National subordinated debt rating: affirmed at ‘BB-(tun)’.
El Wifack Leasing
National Long-term Rating: affirmed at ‘BB+(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘B(tun)’. National senior unsecured debt rating: affirmed at ‘BB+(tun)’
Hannibal Lease National Long-term Rating: affirmed at ‘BB-(tun)’; Outlook Stable. National Short-term Rating: affirmed at ‘B(tun)’. National senior unsecured debt rating: affirmed at ‘BB-(tun)’.
