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.
* Capital Intelligence Ratings affirmed Arab Banking Corp. (BSC)'s BB-/B long- and short-term foreign-currency ratings, with a negative outlook.
* Moody's affirmed Kyrgyzstan's local- and foreign-currency issuer ratings at B2, with a stable outlook.
* S&P Global Ratings affirmed Jordan Islamic Bank's long- and short-term counterparty credit ratings at B+/B, with a stable outlook.
* Fitch Ratings downgraded Namibia's long-term foreign- and local-currency issuer default ratings to BB+ from BBB-, with a stable outlook. According to the agency, Namibia's public debt-to-GDP ratio will continue to rise over the medium term, with general government debt projected to nearly double to 47% of GDP in 2019, compared with 24.8% in 2014.
* Moody's downgraded United Arab Emirates-based Al Hilal Bank PJSC's long-term issuer rating to A2 from A1 and its baseline and adjusted baseline credit assessment to "ba3" from "ba2," with the outlook on the long-term issuer rating changed to stable from negative.
* S&P Global Ratings affirmed Saudi Arabia's unsolicited long- and short-term foreign- and local-currency sovereign credit ratings at A-/A-2, with a stable outlook.
* Fitch affirmed the long-term foreign- and local-currency issuer default ratings of Tunisia at B+ and those of Cameroon at B. The agency affirmed both countries' short-term foreign- and local-currency issuer default ratings at B. The country ceilings of Tunisia and Cameroon were affirmed at BB- and BB+, respectively. The agency also affirmed the issue ratings on long-term senior unsecured foreign-currency bonds of Tunisia at B+ and those of Cameroon at B.
* CI Ratings affirmed the long- and short-term foreign-currency ratings of Export Development Bank of Egypt (SAE) at B, with a stable outlook.
* S&P affirmed Saudi Arabia-based Islamic Corp. for the Development of the Private Sector's long-term foreign-currency issuer credit ratings at A+, with a stable outlook.
* S&P affirmed United Bank for Africa Plc's B long- and short-term foreign- and local-currency counterparty credit ratings with a stable outlook. The agency also affirmed the long- and short-term Nigeria national scale ratings of the bank at ngBBB/ngA-2, while its foreign-currency senior unsecured debt was affirmed at B.
* S&P downgraded Oman United Insurance Co.'s long-term insurer financial strength and issuer credit ratings to BBB- from BBB and subsequently withdrew the ratings at the insurer's request, with the outlook remaining stable at the time of withdrawal.
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