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Fitch puts Arab International on watch
Fitch Ratings said it placed Arab International Lease's national long-term rating of AA+(tun), national short-term rating of F1+(tun) and national senior unsecured debt rating of AA+(tun) on Rating Watch negative.
The negative watch follows news by Groupe BPCE that it entered into exclusive negotiations with Moroccan banking group Banque Centrale Populaire with a view to selling banking interests in Africa, Fitch said.
The divestment is expected to take place before year-end 2018 and is subject to approval of regulators in Morocco, the agency said.
The negative watch also considers the likelihood of the ratings becoming downgraded following the sale, as at that point support from Groupe BPCE would cease to be factored in the rating, Fitch said.
The new rating level will be established based on the probability of support from the new owner, the agency said.
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