S&P Global Market Intelligence presents a weekly overview of ratings actions on Middle Eastern and African financial institutions. Ratings actions are listed by announcement date in reverse chronological order.
Nov. 27
* Fitch Ratings downgraded Development Bank of Namibia's long- and short-term foreign- and local-currency issuer default ratings to BB+/B from BBB-/F3, its support rating to 3 from 2, support rating floor to BB+ from BBB- and national long-term rating to AA+(zaf) from AAA(zaf). The bank's national short-term rating was affirmed at F1+(zaf). The outlook on the bank's long-term ratings is stable.
* Fitch affirmed Zambia's long- and short-term foreign- and local-currency issuer default ratings at B/B and its country ceiling at B+. The outlook on the long-term ratings is negative.
Nov. 24
* Fitch affirmed the BB+ insurer financial strength and AAA(zaf) national insurer financial strength ratings of Old Mutual Plc unit Old Mutual Insure Ltd., formerly known as Mutual & Federal Insurance Co. Ltd. The rating agency also affirmed the AAA(zaf) national insurer financial strength ratings of Mutual & Federal Risk Financing Ltd. and Old Mutual Life Assurance Co. (South Africa) Ltd., with stable outlooks on all the ratings. Old Mutual's BBB/F3 long- and short-term issuer default ratings were placed on Rating Watch Negative.
* S&P Global Ratings downgraded South Africa's long-term foreign-currency sovereign credit rating to BB from BB+, its long-term local-currency sovereign credit rating to BB+ from BBB- and its short-term local-currency sovereign credit rating to B from A-3 and affirmed its short-term foreign-currency sovereign credit rating at B, with stable outlooks on all the ratings. The agency also lowered the country's long-term South Africa national scale rating to zaAA+ from zaAAA and affirmed its short-term national scale rating at zaA-1+. Separately, Moody's placed South Africa's Baa3 long-term issuer and senior unsecured bond ratings on review for downgrade.
* S&P affirmed the B/B long- and short-term foreign- and local-currency sovereign credit ratings of Burkina Faso. The outlook is stable.
* Capital Intelligence Ratings affirmed Jordan's long-term foreign- and local-currency ratings at BB- and BB, respectively, and its short-term foreign- and local-currency ratings at B. The agency also affirmed the outlook on the ratings at negative.
Nov. 23
* S&P downgraded Bahrain-based The Mediterranean & Gulf Insurance & Reinsurance Company B.S.C (c)'s long-term local-currency counterparty credit and financial strength ratings to BBB- from BBB and its Gulf cooperation council regional scale rating to gcAA- from gcAA. The ratings were assigned a negative outlook and removed from CreditWatch with negative implications.
S&P also lowered the long-term local-currency counterparty credit and financial strength ratings of Saudi Arabia-based Mediterranean & Gulf Insurance & Reinsurance Co. to BB- from BBB- and its Gulf Cooperative Council regional scale rating to gcBBB- from gcAA-.
* CI Ratings affirmed Saudi Arabia-based Samba Financial Group's long-term foreign-currency rating at A+ and raised its short-term foreign-currency rating.
Nov. 22
* A.M. Best affirmed Bahrain National Insurance Co. B.S.C.(c)'s financial strength rating at B++ (Good) and its long-term issuer credit rating at "bbb+," with a stable outlook.
* A.M. Best downgraded Emirates Retakaful Ltd's long-term issuer credit rating to "bbb" from "bbb+" and affirmed its financial strength rating at B++ (Good), then simultaneously placed the ratings under review with negative implications.
* A.M. Best affirmed Arab Insurance Group (B.S.C)'s financial strength rating at A- (Excellent) and its long-term issuer credit rating at "a-," with a stable outlook.
Nov. 21
* S&P affirmed Lebanon-based BankMed SAL's B-/B long- and short-term issuer credit ratings, with a stable outlook.
* CI Ratings affirmed the ratings of Tunisia-based Banque Nationale Agricole.
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