At the request of the financial institution, the rating agency PBR Rating has undertaken a continuous evaluation of Hannibal Lease to monitor its business activities, financial situation, and the lessor’s alignment with local and international standards in risk management and sound financial governance practices.
Following this rating assessment, PBR Rating has upgraded Hannibal Lease’s local currency rating from BBB+(tun) to A-(tun); outlook positive, on a rating scale ranging from AAA to D.
A rating of the same rank was assigned for both the long term (A-(tun)) and the short term (A2(tun)).
The improved rating reflects the strengthening of the company’s financial solidity and performance, with an internal fundamental rating of BBB+(tun) and an S.A.C.P rating of BBB(tun).
PBR Rating emphasizes the importance of continuing efforts to optimize funding costs and strengthen margins to ensure sustainable growth.
The analysis of Hannibal Lease’s financial structure reveals a consolidation of equity and improved profitability in recent years, it noted.
Regarding the revaluation of equity and the quality of the lessor’s funding resources, the assessment noted that the share of equity in total financial resources has followed a generally positive trajectory since 2016, increasing from 8.6% to 13.1%, reflecting a growing and well-established financial autonomy.
Furthermore, the company has seen its profits improve since 2021, achieving a historic net result of 10.218 million Tunisian dinars (MTND) in 2023, compared to 6.092 MTND the previous year. In the first half of 2024, the company’s net profitability grew by 37.5% on an annual basis, reaching 6.273 MTND, confirming the favorable outlook for 2024 as announced by PBR Rating.
The company has recorded a continuously declining rate of classified receivables in the most recent period, standing at 8.6% in 2023 compared to 10.3% the previous year (9.07% in H1 2024 versus 10.34% in H1 2023), with a slight decrease in 2024.
“It is also important to highlight that Hannibal Lease has successfully maintained coverage of at-risk receivables at over 70%,” said the ratings agency.
