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MEA ratings roundup through Feb. 19

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MEA ratings roundup through Feb. 19

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.

Feb. 19

* S&P Global Ratings affirmed Standard Bank Group Ltd. unit Liberty Group Ltd.'s long- and short-term South Africa national scale ratings at "zaAA+"/"zaA-1+."

Feb. 16

* S&P affirmed the B/B long- and short-term foreign- and local-currency sovereign credit ratings of Rwanda, with a stable outlook.

* Moody's affirmed the B3 long-term issuer and senior unsecured bond ratings of Ghana, with the outlook remaining stable.

* Capital Intelligence Ratings downgraded Old Mutual Plc unit Nedbank Ltd.'s long-term foreign-currency rating to BBB- from BBB and revised the financial strength rating outlook to negative.

Feb. 15

* Moody's downgraded the long-term local- and foreign-currency deposit ratings of Co-operative Bank of Kenya Ltd., Equity Group Holdings Plc unit Equity Bank (Kenya) Ltd. and KCB Group Plc unit KCB Bank Kenya Ltd. to B2 and B3, respectively, from B1 and B2, concluding a review for downgraded initiated Oct. 4, 2017. The agency also downgraded KCB Bank Kenya's long-term local- and foreign-currency issuer ratings to B2 from B1, as well as the three banks' baseline and adjusted baseline credit assessments to "b2" from "b1" and long-term counterparty risk assessments to B1(cr) from Ba3(cr). Their short-term deposit ratings and counterparty risk assessments were affirmed at NP and NP(cr), respectively.

* Fitch Ratings revised the outlook on Standard Bank unit Stanbic Bank Kenya Ltd.'s long-term issuer default rating to stable from negative. The agency affirmed the bank's long- and short-term issuer default ratings at BB-/B, support rating at 3, viability rating at "b" and national long- and short-term ratings at AAA(ken)/F1+(ken).

* Moody's raised to Ba3 from B1 the insurance financial strength rating of Arab Misr Insurance Group Co. SAE, an Egypt-based unit of Kuwait-based Gulf Insurance Group KSCP. The outlook is stable.

Feb. 14

* Fitch affirmed MCB Group Ltd. unit Mauritius Commercial Bank Ltd.'s long- and short-term issuer default ratings at BBB-/F3, with a stable outlook on the long-term rating. The agency also affirmed the bank's "bbb-" viability rating, support rating of 3 and support rating floor of BB+.

Feb. 13

* Moody's downgraded Kenya's issuer ratings to B2 from B1 and assigned a stable outlook, concluding a review for downgrade initiated Oct. 2, 2017.

* CI Ratings affirmed Arab Jordan Investment Bank's long- and short-term foreign-currency ratings at BB-/B. The outlook is negative.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.