Fitch Places El Wifack Leasing on Rating Watch Positive on ICD's Equity Stake

April 1, 2015 11:29 AM

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(The following statement was released by the rating agency) LONDON/PARIS, April 01 (Fitch) Fitch Ratings has placed El Wifack's (EWL) National Ratings on Rating Watch Positive, following the announcement of a strategic partnership with the Islamic Corporation for the Development of the Private Sector (ICD, rated AA/F1+/Stable).

Under the terms of the agreement signed in March 2015, ICD will become the largest shareholder with an expected 30% stake in EWL. The increase in capital is expected to occur in June-July 2015, bringing the total capital up to TND150m. ICD will also provide the leasing company with technical assista...

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