Fitch Ratings has downgraded Arab Tunisian Bank’s (ATB) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to respectively ‘BB’ and ‘BB+’ from ‘BBB-‘and ‘BBB’. The ratings remain on Rating Watch Negative (RWN).
The agency has also upgraded Arab International Lease’s (AIL) National Long-term Rating to ‘AA+(tun)’ from ‘A+(tun)’ and National Short-term Rating to ‘F1+(tun)’ from ‘F1(tun)’. The Outlook on AIL’s National Long-term Rating is Stable.
At the same time, the agency has affirmed the National Ratings of Attijari Leasing (AL), Modern Leasing (ML), Tunisie Leasing (TL), Compagnie Internationale de Leasing (CIL), El Wifack Leasing (EWL), Hannibal Lease (HL), Tunisie Factoring (TF), and Union de Factoring (UF).
Fitch has also maintained ATB’s 33%-subsidiary Arab Tunisian Lease’s (ATL) ratings on RWN. A full list of rating actions is provided at the end of this comment.
The rating action follows the recent downgrade of Tunisia’s IDRs to ‘BB-‘, Outlook Negative,” dated 30 October 2013.