Dans un communiqué publié le 1er avril 2015, l'agence de notation Fitch Rating, a placé sous surveillance positive la note d'El Wifack Leasing dans le sillage de l’annonce de son  partenariat capitalistique avec Islamic Corporation for the Development of the Private Sector  (ICD), noté AA/F1+/Stable. En vertu d'un accord signé en mars 2015, ICD deviendra l'actionnaire majoritaire dans le capital d'El Wifack Leasing, à hauteur de 30% après l'augmentation de capital programmée entre juin et juillet 2015 pour le porter à 150 millions de dinars. L'agence rappelle, que l'accord en question prévoyait une assistance technique en vue de la transformation d'El Wifack Leasing en banque islamique. Après de la finalisation de l'opération au quatrième trimestres de l'année en cours, l'agence de notation  décidera de l'issue de cette mise sous surveillance positive, la notation actuelle d'El Wifack Leasing ne prenant pas en compte la probabilité de soutien d'un actionnaire majoritaire, et reflétant selon Fitch, le profil risque d'El Wifeck Leasing, meilleur que ses pairs en matière de qualité d'actifs et de liquidité.

Fitch rating affirme que l'entrée d'un partenaire stratégique puissant dans le capital d'El Wifack Leasing devrait conduire à un relèvement de la note qui reposerait sur le soutien d'ICD au lieu du profil risque d'El Wifack Leasing. La capacité de soutien d'ICD est élevée selon Fitch Rating, comme le reflète sa note AA, mais pourrait être freiné par l'importance stratégique limitée d'El Wifack.

Version anglaise du communiqué de Fitch Ratings :

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 assistance to facilitate its conversion into a universal Islamic bank. Fitch will resolve the RWP once ICD's equity stake purchase is completed, which is likely to be by 3Q15. KEY RATING DRIVERS AND SENSITIVITIES- NATIONAL RATINGS AND SENIOR DEBT EWL's National Ratings are currently based on its standalone creditworthiness. The National Ratings reflect EWL's consistently lower risk profile compared with peers in managing asset quality and liquidity and its adequate capital ratios. Fitch views EWL's liquidity management as fairly prudent, enhanced by potential ordinary support from its bank shareholder, Societe Tunisienne de Banque. As mentioned in our recent commentary (See "Fitch upgrades 1 Tunisian Leasing Company; Affirms 7 Others", dated 30 January 2015 at fitchratings.com), EWL's National Ratings would be upgraded if a large international strategic partner steps in as a strong shareholder. Once ICD owns the strong equity stake in the leasing company, EWL's ratings will become driven by ICD's institutional support rather than by EWL's own standalone risk profile. Fitch believes that the ability of support from ICD would be high given its strong creditworthiness as indicated by its 'AA' IDR although propensity to do so may be more limited given EWL's limited strategic importance. Fitch expects ICD's significant equity stake in EWL to result in a multi-notch upgrade of the leasing company. The rating actions are as follows: El Wifack Leasing National Long-term Rating: 'BBB-(tun)'; placed on RWP National Short-term Rating: 'F3(tun)', placed on RWP National senior unsecured debt rating: 'BBB-(tun)', placed on RWP.