Fitch lifts Union de Factoring, Tunisie Leasing

Fitch Ratings said it upgraded Union de Factoring's national long-term rating to BB+(tun) from BB(tun) and downgraded Tunisie Leasing et Factoring's national long-term rating to BBB(tun) from BBB+(tun).

Fitch also affirmed five Tunisian leasing companies and maintained one on Rating Watch negative.

The outlooks on all national long-term ratings are stable with the exception of Arab International Lease. That company's ratings are maintained on negative watching pending the outcome of negotiations entered into by France's Groupe BPCE with Morocco's Banque Centrale Populaire concerning the sale of Groupe BPCE's 60% shareholding in Banque Tuniso-Koweitienne, Arab International's direct 95% shareholder, Fitch explained.

The actions follow a peer review of rated Tunisian leasing companies and one Tunisian factoring company, the agency said.

The national ratings reflect the creditworthiness of an issuer relative to the country's best credit and relative to peers operating within that country, Fitch said.

The ratings are driven solely by the companies' standalone creditworthiness, the agency noted.

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