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EMEA ratings roundup, Sept. 6

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


* Moody's extended the review for upgrade of HSH Nordbank AG's ratings initiated Feb. 28, following the German bank's announcement that the completion of its takeover by a consortium of private equity investors is expected in the fourth quarter. The ratings under review include the bank's Baa3 long-term senior unsecured debt, deposit, issuer and junior senior ratings.

* Fitch Ratings revised the outlook on Italian investment manager Azimut Holding SpA to negative from stable, following a similar action on the sovereign. Azimut's long- and short-term issuer default ratings were affirmed at BBB/F2.

* Fitch affirmed the BB+ long-term foreign- and local-currency issuer default ratings of AO Svyazinvestneftekhim, or SINEK, with a positive outlook. The Russian investment holding company's B short-term foreign-currency issuer default rating was also affirmed.

* ACRA assigned an A-(RU) credit rating to JSC DenizBank Moscow, with a developing outlook.

* ACRA assigned JSC JSCB EXPRESS-VOLGA a credit rating of BBB(RU), with a stable outlook.


* Capital Intelligence Ratings affirmed the BB financial strength rating of Bahrain-based Al Baraka Islamic Bank BSC (c). The outlook is negative.

* CI Ratings affirmed Saudi Arabia-based National Commercial Bank's ratings, with a negative outlook on the long-term foreign-currency and financial strength ratings.

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