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EMEA ratings roundup, Oct. 10

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

EUROPE

* Fitch Ratings downgraded Banca Carige SpA's long- and short-term issuer default ratings to CCC+/C from B-/B and placed the long-term rating on Rating Watch Negative. The agency also downgraded the Italian bank's viability rating to "ccc+" from "b-" and placed it on Rating Watch Negative, while the lender's support rating and support rating floor were affirmed at 5 and No Floor, respectively.

* DBRS assigned new ratings to Nordea Bank Abp, including AA (low)/R-1 (middle) long- and short-term issuer and deposits ratings and AA (low) long-term senior debt rating, following its change in domicile to Finland. The trend on all the ratings is stable. DBRS also assigned ratings to the bank's branches in Sweden, Denmark and Norway. Simultaneously, the agency withdrew its existing ratings on Nordea Bank AB (publ) and its Danish, Finnish and Norwegian branches, as the institution has been dissolved, with all its assets and liabilities assumed by Nordea Bank Abp.

* S&P Global Ratings downgraded Kazakhstan-based JSC AsiaCredit Bank's long- and short-term issuer credit ratings to CCC+/C from B-/B, with a negative outlook. The agency also lowered the lender's national scale rating to "kzB" from "kzBB-."

* Moody's downgraded the long-term bank deposit rating of Poland's Getin Noble Bank SA to B1 from Ba3 and placed it on review for further downgrade, with the outlook on the rating being negative prior to the review placement. The agency also lowered the bank's baseline and adjusted baseline credit assessments to "b3" from "b2," its long-term counterparty risk assessment to Ba3(cr) from Ba2(cr) and its long-term counterparty risk ratings to Ba3 from Ba2, and placed the ratings on review for further downgrade, among other ratings actions.

* ACRA affirmed Commerzbank (Eurasija) AO's credit rating at AAA(RU), with a stable outlook.

MIDDLE EAST

* Moody's revised the outlook on Alawwal Bank's long-term deposit ratings to positive from stable and maintained the outlook on Saudi British Bank's long-term deposit ratings at stable, following a merger agreement between the two banks. The agency affirmed Saudi British Bank's local- and foreign-currency deposit ratings at A1/P-1 and those of Alawwal Bank at A3/P-2, among other ratings.

AFRICA

* Moody's revised the outlook on the Egyptian banking system to positive from stable, reflecting an increased pace of economic growth, which the rating agency said will support banks' credit growth, profitability and internal capital generation.

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.

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