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MEA ratings roundup through July 11

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MEA ratings roundup through July 11

S&P Global Market Intelligence presents a weeklyoverview of ratings actions on Middle Eastern and African financialinstitutions and economies. Ratings actions are listed by announcement date inreverse chronological order.

July 11

* S&P Global Ratingslowered 's long-termcounterparty credit rating to CCC- from CCC+ and the bank's long- andshort-term Nigeria national scale ratings to "ngCCC-/ngC" from"ngB+/ngB". The agency also placed the bank's global scale short-termrating on CreditWatch negative, while maintaining the long-term ratings and thenational scale short-term rating on CreditWatch negative.

* S&P 'sAA-/A-1+ and First Gulf BankPJSC's A/A-1 long- and short-term issuer credit ratings onCreditWatch with negative and positive implications, respectively, followingthe lenders' decision to merge.

* S&P affirmedAl-Buhaira National Insurance Co.PSC's BB+ counterparty credit and financial strength ratings, witha stable outlook.

* Capital Intelligence affirmed 'sfinancial strength rating at BBB+. The outlook is stable.

July 8

* Moody's Mozambique's issuer andsenior unsecured debt ratings to Caa3 from Caa1, concluding the review fordowngrade initiated May 20. Theoutlook is negative.

* S&P affirmed Uganda's B/B long- and short-termforeign- and local-currency sovereign credit ratings. The outlook is stable.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.