S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.
EUROPE
* S&P Global Ratings raised the national scale ratings of Kazakhstan-based BTA Bank JSC and Novacom Corporation Limited Liability Partnership to kzBB+ from kzBB following an error correction. The agency also affirmed the long-and short-term ratings at B of the two companies, with a stable outlook on the long-term ratings.
* Moody's revised the outlook on Uzbek lender Joint Stock Commercial Mortgage Bank Ipoteka Bank's long-term local currency bank deposit rating to negative from stable while affirming the rating at B1.
* Moody's revised the outlook on Crédit Agricole Italia SpA's long-term bank deposit ratings to stable from negative while affirming it at Baa1. The agency also upgraded the Italian lender's adjusted baseline credit assessment to "baa1" from "baa2." Crédit Agricole Italia's baseline credit assessment was affirmed at "ba1," short-term bank deposit ratings at Prime-2, long- and short-term counterparty risk ratings of Baa1/Prime-2 and its long- and short-term counterparty risk assessments of Baa1(cr)/Prime-2(cr).
* S&P Global Ratings affirmed the A-/A-2 long- and short-term issuer credit ratings of Ireland-based Depfa Bank Plc and revised the outlook on the long-term rating to negative from stable.
* Fitch Ratings upgraded the long-term foreign-currency issuer default ratings of seven Ukrainian banks — JSC State Savings Bank of Ukraine, JSC The State Export-Import Bank of Ukraine, JSC CB PRIVATBANK, PJSC JSB Ukrgasbank, JSC Credit Agricole Bank, JSC ProCredit Bank and PRAVEX BANK JSC — to B from B-, with a positive outlook. The rating agency also affirmed the long-term foreign-currency issuer default rating of JSC Alfa-Bank at B-, with a stable outlook.
MIDDLE EAST
* Moody's said the outlook for the Qatari banking system remains stable on the back of the country's sustained spending on infrastructure, which would spur modest economic growth and support lending. However, the agency expects nonperforming loans in the sector to climb to 2.4% of total loans by June 2020 from 2.1% at 2018-end.
* Fitch affirmed the long- and short-term issuer default ratings of National Bank of Egypt (SAE) and National Bank of Egypt (UK) Limited at B+/B, with a stable outlook on the long-term ratings. The agency also affirmed National Bank of Egypt's national long- and short-term ratings at AA(egy)/F1+(egy) and National Bank of Egypt (UK) Limited 4 support rating. Fitch also affirmed Commercial International Bank (Egypt) SAE long- and short-term issuer default ratings at B+/B, with a stable outlook on the long-term ratings, along with its viability rating at "b+," support rating at 4 and support rating floor at B+.
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