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EMEA ratings roundup, Oct. 1

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EMEA ratings roundup, Oct. 1

S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.

EUROPE

* Moody's upgraded the long-term bank deposit ratings of Spain-based Abanca Corporación Bancaria SA to Ba1 from Ba2, with the outlook remaining positive. The agency also upgraded the Spanish lender's long- and short-term counterparty risk ratings to Baa2/Prime-2 from Ba1/Not Prime, its long- and short-term counterparty risk assessments to Baa1(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr) and its baseline and adjusted baseline credit assessments to "ba1" from "ba2".

* DBRS confirmed the AA (low)/R-1 (middle) long- and short term issuer ratings of France-based Crédit Agricole Group and unit Crédit Agricole SA. The agency also confirmed the unit's AA (low)/R-1 (middle) long- and short-term deposits and debt ratings and its AA (high)/R-1 (high) long- and short-term critical obligations ratings.

* DBRS confirmed the BB/R-4 long- and short-term issuer and debt ratings of Portugal-based Caixa Económica Montepio Geral caixa económica bancária SA. The trend on the long-term ratings remains negative, while the trend on the short-term ratings is stable. The agency also confirmed the lender's BB (high)/R-3 long- and short-term deposits ratings, with the trend remaining negative on the ratings.

MIDDLE EAST

* Moody's placed Lebanon's Caa1 issuer rating under review for downgrade, citing a significant tightening in external financing conditions for the country due to domestic and geopolitical risks. The ratings action also reflects a reversal in bank deposit inflows, a key resource for Lebanon in meeting its annual government financing needs of more than 30% of GDP, according to Moody's.

AFRICA

* Fitch Ratings downgraded Namibia's long-term issuer default ratings to BB from BB+ and warned that the country is set to record its third consecutive year of recession in 2019. The downgrade reflects "the mutually reinforcing" deterioration in Namibia's economic growth and fiscal metrics.

* Fitch affirmed Ethiopia's long-term foreign-currency issuer default rating at B and changed the outlook to negative from stable. The rating agency said the outlook change reflects the possibility of continued political instability that could potentially have economic impacts, as it has before.

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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.