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.
* Fitch Ratings placed the A-/F1 long- and short-term issuer default ratings of Gulf Investment Corp. GSC on Rating Watch Negative. At the same time, the agency withdrew the firm's "bb" viability rating and its support rating of 1.
* S&P Global Ratings affirmed the Republic of the Congo's B-/B long- and short-term local- and foreign-currency sovereign credit ratings. The outlook is stable, reflecting the agency's expectation that current account and fiscal deficits in the country will decline over the next 12 months.
* Moody's upgraded Boubyan Bank KSCP's long-term deposit ratings to A3 from Baa1, its counterparty risk assessment to A2(cr)/Prime-1(cr) from A3(cr)/Prime-2(cr) and its adjusted baseline credit assessment to "a3" from "baa1." The outlook on Boubyan Bank's long-term deposit ratings was changed to stable from positive. Moody's affirmed the bank's "ba1" baseline credit assessment and Prime-2 short-term deposit ratings. National Bank of Kuwait SAKP is the parent for Boubyan Bank.
* Capital Intelligence Ratings upgraded Doha Bank QSC's long-term foreign-currency rating to A+ and affirmed the bank's financial strength rating at A, among other ratings.
* Fitch downgraded Saudi Arabia's long-term foreign- and local-currency issuer default ratings to A+ from AA-, with a stable outlook. The agency also downgraded Saudi Arabia's country ceiling to AA from AA+ and affirmed its short-term foreign- and local- currency issuer default ratings at F1+.
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