...Standalone, Support Split: The National Ratings of Arab Tunisian Lease (ATL), Attijari Leasing (AL), Arab International Lease (AIL) and Modern Leasing (ML) are underpinned by Fitch Ratings' expectations of these leasing companies being supported by their shareholders if need be. The National Ratings of Tunisie Leasing (TL), Hannibal Lease SA (HL), Compagnie Internationale de Leasing (CIL) and El Wifack Leasing (EWL) are based on Fitch's assessment of their standalone creditworthiness relative to the best credit in the country. Reliant on Domestic Economy: Fitch expects the Tunisian leasing sector to benefit from a successful political transition and more favourable economic conditions in 2015. Fitch believes that lower oil prices, higher expected GDP growth in France and Italy (its main markets) and potential deregulation for the leasing sector will be positive drivers in 2015. Weak Credit Quality: Fitch believes that asset quality will remain stable in 2015 given our expectations of a...
