S&P Global Market Intelligence presents a weekly overview of ratings actions on Middle Eastern and African financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.
* S&P Global Ratings revised the South Africa national scale ratings of 10 local insurers and removed the "under criteria observation" identifier on the ratings. The companies include Sanlam Life Insurance Ltd., Santam Ltd., Standard Bank Group Ltd. unit Liberty Group Ltd., Old Mutual Plc unit Old Mutual Life Assurance Co. (South Africa) Ltd. and Sanlam Ltd. The ratings actions followed S&P's recalibration of the national mapping scale for South Africa.
* S&P downgraded the Democratic Republic of the Congo's short-term foreign- and local-currency sovereign credit ratings to CCC+/C from B-/B and changed the outlook to stable from negative.
* S&P revised the outlook on the State of Israel to positive from stable.
* Fitch Ratings affirmed the African Development Bank's AAA/F1+ long- and short-term issuer default ratings, with a stable outlook on the long-term rating.
* Moody's affirmed East African Development Bank's Baa3 long-term issuer rating and maintained the stable outlook.
* S&P affirmed Kuwait's AA/A-1+ long- and short-term foreign- and local-currency sovereign credit ratings, with a stable outlook. Capital Intelligence Ratings also affirmed the country's AA-/A1+ long- and short-term foreign- and local-currency ratings, with the outlook on the ratings remaining stable.
* S&P affirmed Mozambique's long- and short-term foreign-currency ratings at SD/SD and its long- and short-term local-currency sovereign credit ratings at B-/B. The outlook on the local-currency rating remains stable.
* Moody's assigned Iraq a Caa1 long-term issuer rating, with a stable outlook; B3 long-term local- and foreign-currency bond ceilings; and Caa2 long-term local- and foreign-currency deposit ceilings.
* Fitch downgraded the Republic of the Congo's long-term foreign-currency issuer default rating to RD from C, and affirmed the country ceiling at B+, the long-term local-currency issuer default rating at CCC and the short-term foreign- and local-currency issuer default ratings at C.
* CI Ratings affirmed Bank of Sharjah PJSC's A-/A2 long- and short-term foreign-currency ratings.
* S&P lowered the Republic of the Congo's long- and short-term foreign-currency sovereign credit ratings to SD/D from CCC/C. The agency removed the foreign-currency ratings from CreditWatch negative, while affirming the country's B-/B local-currency ratings, the outlook for which remains stable.
* Fitch affirmed Uganda's B+/B long- and short-term foreign- and local-currency issuer default ratings, with a stable outlook on the long-term rating. Uganda's country ceiling was also affirmed at B+.
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