S&P Global Market Intelligence presents a weekly overview of ratings actions on European, Middle Eastern and African financial institutions. Ratings actions are listed by announcement date in reverse chronological order.
* Fitch Ratings downgraded Vnesheconombank unit Interregional Bank for Settlements of the Telecommunications & Postal Services or Sviaz-Bank's long-term foreign- and local-currency issuer default ratings to BB- from BB, with a negative outlook. At the same time, the agency affirmed the long-term foreign- and local-currency issuer default ratings of another Vnesheconombank unit GLOBEX Commercial Bank JSC and JSCB Evrofinance-Mosnarbank Bank JSC at BB- and B+, respectively. The outlook is negative on GLOBEX Commercial Bank's ratings and stable on those of Evrofinance-Mosnarbank Bank.
* Fitch downgraded Azerbaijan-based PASHA Bank OJSC's long-term issuer default rating to B+ from BB- and Turkish unit PASHA Yatirim Bankasi AS's national long-term rating to BBB+(tur) from A(tur). The outlooks on both ratings were revised to stable from negative. The rating agency also affirmed PASHA Bank's short-term issuer default rating at B, downgraded its support rating to 5 from 3 and revised its support rating floor to No Floor from BB-.
* Moody's downgraded OJSC International Bank of Azerbaijan's long-term foreign- and local-currency deposit ratings to Caa2 from B1 and changed the review to direction uncertain from review for downgrade.The bank's "ca" baseline credit assessment was also placed on review with direction uncertain and its long-term counterparty risk assessment was downgraded to Caa1(cr) from Ba3(cr) and moved to review with direction uncertain from review for downgrade.
* S&P Global Ratings placed Bank RBK JSC's B- long-term counterparty credit ratings and "kzB+" Kazakhstan national-scale rating on CreditWatch with negative implications. Simultaneously, the agency upgraded the lender's short-term counterparty credit rating to B from C. The rating was removed from the "under criteria observation" designation and also placed on CreditWatch negative.
* Moody's assigned KIRS Midco 3 plc a corporate family rating of (P)B3 and affirmed KIRS Finco Plc's corporate family rating at B3. The outlook on KIRS Midco 3 is positive, while KIRS Finco's outlook was revised to positive from negative. Both firms are part of KIRS Group, the new entity created from the merger of Towergate with four other U.K.-based insurance businesses.
* S&P affirmed the long-term counterparty credit and insurer financial strength ratings of African Reinsurance Corp at A-. The outlook is stable.
* Fitch affirmed the long-term issuer default ratings of Unipol Gruppo Finanziario SpA and unit UnipolSai Assicurazioni SpA at BBB-, with stable outlooks. The rating agency also affirmed UnipolSai's insurer financial strength rating at BBB, with a stable outlook.
* S&P affirmed Russia-based PJSC BANK URALSIB's long- and short-term counterparty credit ratings at B-/B and revised the outlook to stable from positive.
* S&P affirmed Kommuninvest i Sverige AB (publ)'s long- and short-term foreign- and local-currency issuer credit ratings at AAA/A-1+, with a stable outlook. The agency also affirmed the Swedish local government funding agency's AAA foreign- and local-currency senior unsecured ratings and its K-1 short-term Nordic regional scale rating.
* Fitch assigned T.C. Ziraat Bankasi AS unit Ziraat Katilim Bankasi AS long-term foreign- and local-currency issuer default ratings of BB+/BBB-. The outlook is stable.
* S&P downgraded Russia-based Otkritie Financial Corp. Bank's long-term counterparty credit rating to B+ from BB- and affirmed its short-term counterparty credit rating at B. The agency also downgraded the bank's long-term Russia national scale rating to "ruA" from "ruAA-" and the senior unsecured rating of Irish unit OFCB Capital Plc to B+ from BB-. All the ratings remain on Rating Watch Negative.
* Moody's upgraded JSC Alfa-Bank's baseline and adjusted baseline credit assessments to "ba2" from "ba3," reflecting recent improvements in the Russia-based bank's financial metrics. The agency also affirmed the lender's long- and short-term local- and foreign-currency bank deposits ratings at Ba2/Not Prime, with the outlook on the long-term ratings remaining stable. The bank's long- and short-term counterparty risk assessments were also affirmed at Ba1(cr)/Not Prime(cr).
* Fitch downgraded OJSC International Bank of Azerbaijan's long- and short-term issuer default ratings to RD from CCC/C and removed them from Rating Watch Evolving. Simultaneously, the agency affirmed the bank's support rating of 5 and removed it from Rating Watch Positive, and affirmed its CCC senior unsecured debt rating. The bank's support rating floor was revised to No Floor from CCC and removed from Rating Watch Evolving, while its "f" viability rating was unaffected.
* Fitch upgraded Crédit Agricole Group's long-term issuer default rating to A+ from A, with a stable outlook.The agency also upgraded the group's viability rating to "a+" from "a" and affirmed its short-term issuer default rating at F1. Fitch also assigned A+(dcr) derivative counterparty ratings to units Crédit Agricole SA and Crédit Agricole Corporate & Investment Bank. Additionally, the long-term issuer default ratings of Crédit Agricole Consumer Finance SA and Crédit Agricole Leasing & Factoring SA were upgraded to A+ from A to reflect the upgrade of the group's long-term rating.
* Moody's affirmed Erste Abwicklungsanstalt's long- and short-term issuer ratings at Aa1/P-1 and its senior unsecured debt ratings at Aa1. The outlook on the bank is stable.
* S&P affirmed the BBB+/A-2 long- and short-term counterparty credit ratings of Danmarks Skibskredit Holding AS unit Danmarks Skibskredit A/S, with the outlook remaining negative.
* Moody's affirmed Banque Cantonale Vaudoise's long- and short-term foreign- and local-currency bank deposit ratings at Aa2/P-1, with a stable outlook on the long-term ratings. The agency also affirmed the bank's long- and short-term counterparty risk assessments at A1(cr)/P-1(cr). The bank's "a2" baseline and adjusted baseline credit assessments were affirmed.
* Fitch assigned Groupe BPCE units BPCE SA and Natixis derivative counterparty ratings of A(dcr). Banque Fédérative du Crédit Mutuel SA, which is part of Crédit Mutuel Group, was assigned a derivative counterparty rating of A+(dcr).
* DBRS assigned KBC Group NV Slovakia-based unit Ceskoslovenská obchodná banka a.s. an issuer rating, long-term senior debt rating and long-term deposit rating of A (low). The agency also assigned the Slovakian bank R-1 (low) short-term debt and deposit ratings. The trend on the issuer and long-term ratings is positive, while the trend on the short-term ratings is stable.
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