Fitch Ratings has today upgraded National Ratings and outlook of 8 Tunisian Leasing Companies.

The rating actions follow a periodic review of Tunisian leasing companies' National Ratings. National Ratings reflect the creditworthiness of an issuer relative to the best credit and to peers in the country.

The rating agency has upgraded El Wifack Leasing's National Long-term Rating to 'BBB-(tun)' from 'BB+(tun)'. The Outlook is Stable. Fitch has also affirmed Arab Tunisian Lease's National Ratings and removed them from Rating Watch Negative. Arab International Lease's, Attijari Leasing's, Compagnie Internationale de Leasing's, Hannibal Lease's, Modern Leasing's and Tunisie Leasing's National Ratings have also been affirmed. At the same time, Fitch has revised the Outlook on Compagnie Internationale de Leasing's National Long-term rating to Negative from Stable, and the Outlook on Modern Leasing's National Long-term rating to Stable from Negative.

The rating actions are as follows:

Modern Leasing

National Long-term Rating: affirmed at 'BBB(tun)'; Outlook revised to Stable from Negative

National Short-term Rating: affirmed at 'F3(tun)'

Arab International Lease

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)'

Arab Tunisian Lease

National Long-term Rating: affirmed at 'BBB(tun)'; removed from RWN; Outlook Negative

National Short-term Rating: affirmed at 'F3(tun)'; removed from RWN

National senior unsecured debt rating: affirmed at 'BBB(tun)'; removed from RWN

National Subordinated debt rating: affirmed at 'BB(tun)'; removed from RWN

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 revised to Negative from 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: upgraded to 'BBB-(tun)'from 'BB+(tun)'; Outlook Stable

National Short-term Rating: upgraded to 'F3(tun)' from 'B(tun)'

National senior unsecured debt rating: upgraded to 'BBB-(tun)'from '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)'