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MEA ratings roundup through March 12

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MEA ratings roundup through March 12

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.

March 12

* S&P Global Ratings affirmed African Bank Ltd.'s long- and short-term issuer credit ratings at B+/B, with a stable outlook. The rating agency also affirmed the bank's long- and short-term South Africa national scale ratings at "zaBBB/zaA-2".

March 8

* A.M. Best affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb+" of Qatar Islamic Insurance Co. QPSC. The outlook of these credit ratings is stable.

* Capital Intelligence Ratings affirmed Investcorp Bank BSC's financial strength rating at BBB.

* CI Ratings assigned National Bank of Iraq a first-time financial strength rating of BB, with a stable outlook.

March 7

* Fitch Ratings affirmed the long- and short-term foreign- and local-currency issuer default ratings of Banque Marocaine du Commerce Extérieur SA, Attijariwafa Bank SA and Crédit Immobilier et Hôtelier SA at BB+/B. The rating agency also affirmed the banks' long- and short-term national ratings at AA-(mar)/ F1+(mar), Attijariwafa Bank's and Crédit Immobilier et Hôtelier's viability ratings at "bb-" and BMCE's viability rating at "b+". The outlooks on the banks' long-term ratings are stable.

* Fitch affirmed Banque Marocaine pour le Commerce et l'Industrie's national long- and short-term ratings at AAA(mar)/F1+(mar), with a stable outlook on the long-term rating.

March 6

* Moody's assigned Israeli Credit Insurance Co. Ltd. an insurance financial strength rating of A3. The outlook is stable.

* Moody's affirmed the B1/Not Prime long- and short-term local-currency bank deposit ratings and B2/Not Prime foreign-currency bank deposit ratings of CRDB Bank Plc and NMB Bank Plc and revised the outlook on the long-term ratings to negative from stable. Moody's also affirmed the "b2" baseline and adjusted baseline credit assessments and the B1(cr)/NP(cr) long- and short-term counterparty risk assessments of CRDB Bank. The rating agency affirmed the same ratings of NMB Bank at "b1" and Ba3(cr)/NP(cr), respectively.

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.