OREANDA-NEWS. Fitch Ratings has assigned Hannibal Lease's (HL) proposed issue of dated subordinated debt securities a 'B(tun)(EXP)' expected rating.

The final rating is contingent on the receipt of final documents conforming to the information already received.

KEY RATING DRIVERS
The subordinated debt ratings are notched down by three levels from HL's National Long-term rating of 'BB(tun)' to reflect poor recovery prospects on this type of debt in an event of default.

The debt is subordinated to senior issues and will rank equally with any other future subordinated debt issues. It will be counted as Tier 2 capital in accordance with the Tunisian prudential regulation. The subordinated debt is not subject to early redemption or coupon deferral.

RATING SENSITIVITIES
The rating on the subordinated debt is sensitive to changes in HL's National Long-term rating.