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MEA ratings roundup through Aug. 14


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MEA ratings roundup through Aug. 14

S&P Global Market Intelligence presents a weekly overview of ratings actions on Middle Eastern and African financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.

Aug. 14

* Capital Intelligence Ratings affirmed Yemen-based Tadhamon International Islamic Bank's long- and short-term foreign-currency ratings at C amid a "volatile operating environment and devastated economy." The bank confirmed that it is not currently in default of any obligations, according to the agency.

Aug. 11

* Fitch Ratings downgraded Namibia's long-term senior unsecured bond and issuer ratings to Ba1 from Baa3 and maintained its negative outlook. The agency also downgraded the country's long-term local-currency bond and bank deposit ceilings to A2 from A1; its long-term foreign-currency bank deposit ceiling to Ba2 from Baa3; and long-term foreign-currency bond ceiling to Baa2 from A3.

* S&P Global Ratings upgraded South Africa's long- and short-term national scale ratings to zaAAA/zaA-1+ from zaAA-/zaA-1 and removed them from "under criteria observation". The action resulted from S&P's recalibration of the national mapping scale for South Africa and did not reflect any change in the country's fundamental credit quality or outstanding debt.

* S&P downgraded Angola's long-term foreign- and local-currency sovereign credit ratings to B- from B due to lower fiscal revenue and rising debt service costs amid weak economic prospects.

Aug. 10

* Fitch affirmed Togo-based Ecobank Transnational Inc.'s long- and short-term issuer default ratings at B, with a stable outlook on the long-term rating. The agency also affirmed the bank's "b" viability rating, 5 support rating and No Floor support rating floor.

* Moody's assigned Industrial Development Corp. of South Africa Ltd. a first-time long-term national scale issuer rating of The agency said the rating is mapped directly from the company's Baa3 long-term global scale issuer rating, reflecting its strong relative creditworthiness among debt issuers in South Africa.

Aug. 9

* CI Ratings affirmed Qatar National Bank (QPSC)'s Egypt-based unit QNB ALAHLI SAE's B-/B long- and short-term foreign-currency ratings, with a stable outlook.

* CI affirmed Industrial Bank of Kuwait KSC's financial strength rating at A.

Aug. 8

* Moody's lowered the outlook on Qatar's banking system to negative from stable, citing weakening operating conditions and ongoing funding challenges.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.