Fitch Ratings has downgraded Poland-based Europejski Fundusz Leasingowy S.A.'s (EFL) Long-term Issuer Default Rating (IDR) to 'A' from 'A+' and National Long-term rating to 'AA+'(pol) from 'AAA'(pol).

Simultaneously, the ratings have been removed from Rating Watch Negative (RWN) and assigned a Stable Outlook. A full list of rating actions is at the end of this release.

The rating actions follow the downgrade of EFL's parent, Credit Agricole S.A.'s (CASA) Long-term IDR to 'A+'/Stable from 'AA-'/RWN (see 'Fitch Downgrades Credit Agricole to 'A+'; Outlook Stable' dated 14 December 2011 on www.fitchratings.com.)

EFL's ratings continue to be based on Fitch's view that support for EFL would be provided by CASA, if needed. At end-May 2011 around 30% of total funding for EFL came directly from CASA. The parent has also provided guarantees for funding received by EFL from international financial institutions.

Fitch Polska SA

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