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.
May 27
*
May 25
* S&P Global Ratings affirmed South Africa's BB/B long- and short-term foreign-currency sovereign credit ratings and its BB+/B local-currency ratings, with a stable outlook. The agency also affirmed the country's "zaAA+"/"zaA-1+" South Africa national scale ratings.
* S&P affirmed Burkina Faso's B/B foreign- and local-currency sovereign credit ratings, with a stable outlook.
* S&P affirmed Fidelity Bank PLC's B-/B long- and short-term issuer credit ratings, with a stable outlook. The agency also affirmed the lender's "ngBB+"/"ngB" Nigeria national scale ratings.
* Moody's affirmed Rwanda's B2 long-term issuer ratings and maintained the stable outlook.
* Capital Intelligence Ratings affirmed Jordan's BB- long-term foreign-currency rating, BB long-term local-currency rating and B short-term foreign- and local-currency ratings, with a negative outlook.
* CI Ratings lowered Byblos Bank SAL's financial strength rating to BB+ from BBB-.
May 24
* Fitch placed Alawwal Bank's BBB+ long-term issuer default rating, "bbb" viability rating, 2 support rating and BBB+ support rating floor on Rating Watch Positive, and affirmed its F2 short-term issuer default rating. In addition, the agency placed Saudi British Bank's 2 support rating and BBB+ support rating floor on Rating Watch Positive, and affirmed its A- long-term foreign- and local-currency issuer default ratings, with a stable outlook, its F2 short-term foreign-currency issuer default rating and its "a-" viability rating.
* Fitch downgraded Banque Saudi Fransi's viability rating to "bbb+" from "a-."
* Fitch maintained the BBB/F3 long- and short-term issuer default ratings of Old Mutual PLC on Rating Watch Negative and affirmed the BB+ insurer financial strength rating of Old Mutual Insure Ltd., with a stable outlook. The agency also affirmed the AAA(zaf) national insurer financial strength ratings of Old Mutual Insure, Mutual & Federal Risk Financing Ltd. and Old Mutual Life Assurance Co. (South Africa) Ltd., with stable outlooks.
* CI Ratings assigned Oman International Development & Investment Co. SAOG first-time long-and short-term Oman national scale ratings of "omAA+"/"omA1+" and downgraded its long-term corporate rating to BBB- from BBB.
May 23
* Moody's affirmed Emirates NBD Bank PJSC's A3/P-2 long- and short-term deposit ratings, A3 senior unsecured debt rating, "ba1" baseline and adjusted baseline credit assessments and A2(cr)/P-1(cr) long- and short-term counterparty risk assessments, with stable outlooks on the long-term deposit and senior unsecured debt ratings.
* Fitch downgraded National Bank of Oman SAOG's long- and short-term foreign-currency issuer default ratings to BB+/B from BBB-/F3, with a negative outlook on the long-term rating. The rating agency also downgraded the bank's viability rating to "bb+" from "bbb-" and affirmed its 3 support rating and BB+ support rating floor.
* Fitch affirmed the BB+/B long- and short-term foreign-currency issuer default ratings, 3 support ratings and BB+ support rating floors of Oman-based Bank Dhofar SAOG, Bank Sohar SAOG and Ahli Bank SAOG, with negative outlooks on the long-term issuer default ratings. The agency also affirmed the viability ratings of Bank Dhofar and Ahli Bank at "bb+" and of Bank Sohar at "bb."
* Fitch affirmed Bank Muscat SAOG's BBB-/F3 long- and short-term foreign-currency issuer default ratings, "bbb-" viability rating, 2 support rating and BBB- support rating floor, with a negative outlook on the long-term issuer default rating.
* Fitch affirmed HSBC Holdings PLC unit HSBC Bank Oman SAOG's BBB/F2 long- and short-term foreign-currency issuer default ratings, "bbb-" viability rating and 2 support rating, with a negative outlook on the long-term issuer default rating.
* A.M. Best affirmed Lebanon-based Arabia Insurance Co. SAL's B++ (Good) financial strength rating and "bbb" long-term issuer credit rating, with stable outlooks. The rating agency also affirmed Jordan-based Arabia Insurance Co. Ltd.'s B+ (Good) financial strength rating and "bbb-" long-term issuer credit rating and revised the outlooks on the ratings to negative from stable.
* CI Ratings affirmed Parsian Insurance Co.'s long- and short-term insurer financial strength ratings at BB-/B.
May 22
* S&P affirmed Stanbic IBTC Bank PLC's B/B long- and short-term issuer credit ratings, with a stable outlook. The agency also affirmed the lender's "ngBBB"/"ngA-2" Nigeria national scale ratings.
* CI Ratings affirmed Banque Saudi Fransi's financial strength rating at A+.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.
