S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.
* Fitch Ratings affirmed the AAA/F1+ long- and short-term issuer default ratings of German state-owned development banks KfW, Landwirtschaftliche Rentenbank, NRW.Bank, Investitionsbank Berlin, Investitionsbank Schleswig-Holstein, Landeskreditbank Baden-Württemberg – Förderbank. The outlook on the long-term ratings is stable. The rating agency also affirmed the banks' 1 support ratings, among other ratings.
* S&P Global Ratings upgraded the long-term issuer credit rating of Russia-based PJSC West Siberian Commercial Bank to BB+ from B+, with a positive outlook. The rating agency also removed the long-term rating from CreditWatch with positive implications, where it was placed Nov. 15, 2018, and affirmed the short-term issuer credit rating at B.
* Fitch upgraded to BB- from B+ the long-term foreign- and local-currency issuer default ratings of Uzbekistani state-owned lenders Sanoat qurilish bank, or Uzbek Industrial and Construction Bank, State Joint-Stock Commercial Bank Asaka, JSCB Agrobank and JSCB Microcreditbank, with stable outlooks. The rating agency also upgraded the banks' support ratings to 3 from 4 and revised their support rating floors to BB- from B+. The lenders' short-term foreign- and local-currency issuer default ratings were affirmed at B.
* Fitch affirmed and subsequently withdrew the B-/B long- and short-term issuer default ratings of Renaissance Financial Holdings Ltd., citing commercial reasons. The long-term rating carried a stable outlook at the time of withdrawal. The rating agency also took the same actions on the company's B- senior unsecured debt rating.
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