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EMEA ratings roundup, May 28

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EMEA ratings roundup, May 28

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

EUROPE

* Scope Ratings downgraded Deutsche Bank AG's issuer rating and senior preferred debt rating to BBB from BBB+. The agency also downgraded the German bank's senior nonpreferred debt rating to BBB- from BBB, Tier 2 rating instruments to BB from BB+, and Additional Tier 1 rating instruments to B- from B. Additionally, the agency also changed the outlook on all of the lender's long-term ratings to stable from negative.

* S&P Global Ratings upgraded U.K.-based Cabot Financial Ltd.'s long-term issuer credit rating to BB- from B+, with a stable outlook.

* Moody's upgraded Banco BPM SpA's long- and short-term bank deposit ratings to Baa3/P-3 from Ba1/Not Prime. The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "ba3" from "b1", long- and short-term counterparty risk assessments to Baa3(cr)/P-3(cr) from Ba1(cr)/ NP(cr), and long- and short-term counterparty risk ratings to Baa3/P-3 from Ba1/Not Prime. Moreover, the agency affirmed the bank's Ba2 long-term issuer rating and senior unsecured debt rating. The outlook on the bank's long-term bank deposit rating remains stable, while the outlook on its long-term issuer rating and senior unsecured debt rating remains negative.

* Fitch Ratings affirmed Italy-based Cassa del Trentino SpA's A- long-term foreign- and local-currency issuer default ratings with a negative outlook. The agency also affirmed the company's A- long-term senior unsecured debt rating and F1 short-term issuer default rating.

* Moody's upgraded Hungary-based MKB Bank Zrt.'s long-term foreign- and local-currency bank deposit ratings to B1 from B2, and changed the outlook to positive from stable. The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "b3" from "caa1," long-term counterparty risk ratings to Ba3 from B1, and long-term counterparty risk assessment to Ba3(cr) from B1(cr). Moreover, the agency affirmed the bank's Not-Prime short-term deposit ratings and short-term counterparty risk ratings, and Not-Prime(cr) short-term counterparty risk assessment.

* Fitch affirmed and subsequently withdrew PASHA Bank OJSC's B+/B long- and short-term issuer default ratings, citing commercial reasons. The agency also affirmed and withdrew the Azeri bank's "b+" viability rating, 5 support rating and No Floor support rating floor. The outlook on the long-term rating was stable prior to withdrawal.

* Fitch upgraded Greece-based Eurobank Ergasias SA's long-term issuer default rating to CCC+ from CCC and viability rating to "ccc+" from "ccc," with a positive outlook on the long-term issuer default rating. The agency also affirmed the bank's C short-term issuer default rating, 5 support rating, and No Floor support rating floor. Additionally, the agency upgraded the bank's long-term senior preferred debt rating to CCC-/RR6 from CC/RR6 and affirmed its C short-term senior preferred debt rating. Moreover, the agency upgraded U.K.-based unit ERB Hellas PLC's long-term senior preferred debt rating to CCC-/RR6 from CC/RR6 and affirmed its C short-term senior preferred debt rating.

* Fitch affirmed National Bank of Greece SA's CCC+/C long- and short-term issuer default ratings. Also affirmed were the bank's "ccc+" viability rating, 5 support rating, and No Floor support rating floor. The agency also affirmed U.K.-based unit NBG Finance PLC's CCC-/RR6 long-term senior preferred debt rating and C short-term senior preferred debt rating.

* Fitch affirmed Greece-based Piraeus Bank SA's CCC/C long- and short-term issuer default ratings. Also affirmed were the bank's "ccc" viability rating. 5 support rating, and No Floor support rating floor. Moreover, the agency affirmed the bank's CC/RR6 long-term senior preferred debt rating and C short-term senior preferred debt rating. Additionally, Fitch also affirmed U.K.-based unit Piraeus Group Finance PLC's CC/RR6 long-term senior preferred debt rating and C short-term senior preferred debt rating.

* Fitch affirmed Greece-based Alpha Bank AE's CCC+/C long- and short-term issuer default ratings. The agency also affirmed the bank's "ccc+" viability rating, 5 support rating, and No Floor support rating floor. Also affirmed were the bank's CCC-/RR6 long-term senior preferred debt rating and C short-term senior preferred debt rating. Additionally, the agency also affirmed U.K.-based unit Alpha Credit Group PLC's CCC-/RR6 long-term senior preferred debt rating and C short-term senior preferred debt rating.

* ACRA upgraded Russia-based Otkritie Financial Corp. Bank's credit rating to AA-(RU) from A+(RU) with a stable outlook.

* ACRA assigned Russia-based Bank VENETS JSC's credit rating a Rating under revision: negative status.

* ACRA also assigned Russia-based JSCB Interprombank's credit rating a Rating under revision: negative status.

* ACRA affirmed Russia-based SEB Bank JSC's ААА(RU) credit rating with a stable outlook.

* ACRA also affirmed Russia-based JSC Commercial Bank Modulbank's ВB+(RU) credit rating with a stable outlook.

MIDDLE EAST

* Fitch affirmed Saudi-Arabia-based Islamic Development Bank's AAA/F1+ long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed U.K.-based subsidiary IDB Trust Services Ltd.'s AAA long-term senior unsecured debt rating.

* Capital Intelligence Ratings adjusted Qatar Islamic Bank QPSC' short-term foreign currency rating to A1 from A2 and affirmed its A+ long-term foreign currency rating. The agency also assigned the company an "a-" bank standalone rating, "a-" core financial strength rating, and a High extraordinary support level. The outlook on the long-term foreign currency rating and the bank standalone rating is stable.

* Capital Intelligence Ratings lowered Export Development Bank of Iran's long-term foreign currency rating to B from B+, and revised the outlook on the rating to stable from negative. The agency also assigned the company a "b" bank standalone rating and core financial strength rating, as well as a Moderate extraordinary support level.

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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.