Fitch Ratings has revised Tunisie Leasing, Arab Tunisian Lease, Compagnie Internationale de Leasing and Attijari Leasing’s subordinated debt issues’ National Long-term ratings.
Fitch’s review is part of a broad review of Fitch-rated subordinated debts. All the four Tunisian leasing companies’ rated subordinated debt issues are Lower Tier 2 issues.
Tunisie Leasing, Arab Tunisian Lease, Compagnie Internationale de Leasing and Attijari Leasing have National Long-term ratings at ‘BBB+(tun)’, ‘BBB(tun)’, ‘BBB-(tun)’ and ‘BB+(tun)’ respectively. Lower Tier 2 debt issued by these leasing companies are rated three notches below their respective National Long-term rating, given weak recovery prospects an investor could expect on investments in these subordinated debts in the event of default.