Fitch rates Enda Tamweel, bonds BBB-(tun)

Fitch Ratings said it assigned Enda Tamweel SA long- and short-term national ratings of BBB-(tun) and F3(tun), respectively.

The agency also assigned a BBB-(tun) expected rating to Enda's forthcoming senior unsecured bond.

The outlook is stable.

“Enda's ratings are driven by the company's standalone financial strength. Enda's franchise, business model and organisational structure have a high influence on the ratings,” Fitch said in a news release.

The agency also said that Enda is well-established in its field but is small by international standards.

The company's business model is relatively undiversified, and it is a niche player in the country's overall financial sector, Fitch said.

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