Fitch rates Hannibal Lease securities B-

Fitch Ratings said it assigned Hannibal Lease SA's subordinated debt securities a B-(tun) national long-term rating.

“Their rating is notched down twice from HL's national long-term rating of B+(tun) to reflect our expectation of poor recoveries. The notes are subordinate to HL's senior unsecured debt and qualify as tier 2 capital in accordance with Tunisian prudential regulations. As the notes do not contain coupon deferral clauses, Fitch has not applied additional notches for non-performance risk,” the agency said in a press release.

The outlook is stable.

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