Fitch Ratings has upgraded Union de Factoring’s (UF) National Long-Term Rating to ‘BB+(tun)’ from ‘BB(tun)’ and downgraded Tunisie Leasing et Factoring’s (TLF) National Long-Term Rating to ‘BBB(tun)’ from ‘BBB+(tun)’ .
In a statement Wednesday, the rating agency said it has affirmed at the same time five Tunisian leasing companies and maintained one on Rating Watch Negative (RWN).
According to Fitch, outlooks on all National Long-Term Ratings are Stable with the exception of Arab International Lease (AIL) whose ratings have been maintained on RWN pending the outcome of negotiations entered into by France’s Groupe BPCE (GBPCE, A+/Stable) with Morocco’s Banque Centrale Populaire (BCP) concerning the sale of GBPCE’s 60% shareholding in Banque Tuniso-Koweitienne (BTK), AIL’s direct 95% shareholder.
