08 February 2008
Fitch Ratings-London/Paris/Tunis - Fitch Ratings has today placed Attijari Leasing (formerly General Leasing)'s National Long-term rating of 'B+(tun)' and National Short-term national of 'B(tun)' on Rating Watch Positive (RWP).
The RWP reflects the commencement of the integration process of Attijari Leasing into Attijariwafa Bank (AWB, rated 'BB+'/'B'/'Outlook Stable'), as demonstrated by the change in the company's name (from General Leasing to Attijari Leasing) and confirmed by the discussions the agency had with AWB, which is indirectly Attijari Leasing's main shareholder. Fitch views favourably this integration process, as this will enable Attijari Leasing to benefit from support from AWB in case of need. Furthermore, AWB will provide commercial and technical skills to Attijari Leasing, which should contribute to Attijari Leasing's business and financial recovery.
Attijari Leasing is 30%-owned by Attijari Bank Tunisie (the sixth-largest local bank, controlled at 55% by the holding Andalumaghreb, which is 69%-owned by AWB and 31%-owned by Banco Santander Central Hispano). Two Tunisian private groups and the Tunisian Qatari Bank, a small local bank, own 18%, 12% and 6%, respectively, of Attijari Leasing; the remainder of the capital is widely spread among various local investors.
The RWP will be resolved when Fitch has enough information to assess the level of control of AWB after completion of the capital injection planned for March 2008.
- Ends -
Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tun)' for National ratings in Tunisia. Specific letter grades are not therefore internationally comparable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information, please contact:
Philippe Lamaud
Paris
Tel: +33 144 29 91 26
Sonia Trabelsi
Tunis
Tel: +216 71 840 902
Francoise Alos
Paris
Tel: +33 1 44 29 91 22
Hannah Warrington
London
Tel: +44 (0) 207 417 6298
Fitch Ratings-London/Paris/Tunis - Fitch Ratings has today placed Attijari Leasing (formerly General Leasing)'s National Long-term rating of 'B+(tun)' and National Short-term national of 'B(tun)' on Rating Watch Positive (RWP).
The RWP reflects the commencement of the integration process of Attijari Leasing into Attijariwafa Bank (AWB, rated 'BB+'/'B'/'Outlook Stable'), as demonstrated by the change in the company's name (from General Leasing to Attijari Leasing) and confirmed by the discussions the agency had with AWB, which is indirectly Attijari Leasing's main shareholder. Fitch views favourably this integration process, as this will enable Attijari Leasing to benefit from support from AWB in case of need. Furthermore, AWB will provide commercial and technical skills to Attijari Leasing, which should contribute to Attijari Leasing's business and financial recovery.
Attijari Leasing is 30%-owned by Attijari Bank Tunisie (the sixth-largest local bank, controlled at 55% by the holding Andalumaghreb, which is 69%-owned by AWB and 31%-owned by Banco Santander Central Hispano). Two Tunisian private groups and the Tunisian Qatari Bank, a small local bank, own 18%, 12% and 6%, respectively, of Attijari Leasing; the remainder of the capital is widely spread among various local investors.
The RWP will be resolved when Fitch has enough information to assess the level of control of AWB after completion of the capital injection planned for March 2008.
- Ends -
Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tun)' for National ratings in Tunisia. Specific letter grades are not therefore internationally comparable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information, please contact:
Philippe Lamaud
Paris
Tel: +33 144 29 91 26
Sonia Trabelsi
Tunis
Tel: +216 71 840 902
Francoise Alos
Paris
Tel: +33 1 44 29 91 22
Hannah Warrington
London
Tel: +44 (0) 207 417 6298
© Press Release 2008
