(The following statement was released by the rating agency)     Dec 21 - Fitch Ratings has downgraded Modern Leasing's (ML) National Long-term Rating to 'BBB(tun)' from 'A-(tun)'. The Outlook is Negative. At the same time, the agency has affirmed the National Ratings of Arab Tunisian Bank, Arab International Lease, Arab Tunisian Lease, Attijari Leasing, Tunisie Leasing, Compagnie Internationale de Leasing, El Wifack Leasing, Hannibal Lease, Tunisie Factoring, and Union de Factoring. A full list of rating actions is at the end of this comment.   RATING ACTION RATIONALE  ML's National Ratings have been downgraded following the downgrade of Tunisia's  Issuer Default Rating (IDR; see "Fitch Downgrades Tunisia to 'BB+', Outlook  Negative", dated 12 December 2012 at 
  www.fitchratings.com
 ), and indirectly a  weakening of the sovereign creditworthiness relative to strong credits in the  country.  The Negative Outlook on ML's National Long-term Rating reflects that on  Tunisia's Long-term IDRs.  The affirmation of the 10 other entities' National Ratings reflects the absence  of direct impact from the downgrade of Tunisia's sovereign risk on their  respective ratings. Nonetheless, Fitch will shortly conduct a full review of  Tunisia's leasing and factoring companies' ratings, based on their respective  rating drivers.   RATING DRIVERS AND SENSITIVITIES - MODERN LEASING  ML's ratings are underpinned by Fitch's assessment of the probability of support it is likely to receive from its majority shareholder, Banque de l'Habitat (BH), if required. In Fitch's view, this support could ultimately be provided by the  state and flow through BH, given BH's weak creditworthiness on a standalone  basis. Modern Leasing is (directly and indirectly) 57%-owned by BH, which in  turn is 57%-controlled by the Tunisian state.  Any deterioration in Fitch's assessment of BH's and/or the Tunisian state's  propensity and/or ability to support ML would likely result in a downgrade of  its ratings. Conversely, an upgrade of ML's ratings could be triggered by an  increase in BH's control in or deeper integration with BH, or an upgrade of  Tunisia's Long-term local currency IDR.  The rating actions are as follows:   ML  National Long-term Rating: downgraded to 'BBB(tun)' from 'A-(tun)'; Outlook  Negative   National Short-term Rating: downgraded to 'F3(tun)' from 'F2(tun)'  Arab Tunisian Bank  National Long-term Rating: affirmed at 'AA+(tun)'; Outlook Stable  National Short-term Rating: affirmed at 'F1+(tun)'  National Senior unsecured debt rating: affirmed at 'AA+(tun)'  Long-Term Foreign Currency Issuer Default Rating: 'BBB-'; Outlook Negative;  unaffected  Short-Term Foreign Currency Issuer Default Rating: 'F3'; unaffected  Long-Term Local Currency Issuer Default Rating: 'BBB'; Outlook Negative;  unaffected  Short-Term Local Currency Issuer Default Rating: 'F3'; unaffected  Viability Rating: 'b'; unaffected  Support Rating: '2'; unaffected  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)'  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)'  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)'  Tunisie Factoring   National Long-term Rating: affirmed at 'BBB(tun)'; Outlook Stable  National Short-term Rating: unaffected; 'F3(tun)'  Union de Factoring  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)'   (Caryn Trokie, New York Ratings Unit)  ((Caryn.Trokie@thomsonreuters.com; 646-223-6318; Reuters Messaging: rm://caryn.trokie.reuters.com@reuters.net))  Keywords: