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. 2
* S&P Global Ratings affirmed Mozambique's long- and short-term foreign-currency sovereign credit ratings at SD/SD and its long- and short-term local-currency sovereign credit ratings at B-/B, with the outlook on the long-term local-currency rating remaining stable.
* S&P affirmed the CCC+/C long- and short-term foreign- and local-currency sovereign credit ratings of the Democratic Republic of the Congo, with a stable outlook.
* S&P affirmed Israel's A+/A-1 long- and short-term foreign- and local-currency sovereign credit ratings, with a positive outlook.
* S&P affirmed the AA/A-1+ long- and short-term foreign- and local- currency sovereign credit ratings of Kuwait, with a stable outlook.
* Capital Intelligence Ratings also affirmed Kuwait's AA-/A1+ long- and short-term foreign- and local-currency ratings, with a stable outlook.
* CI Ratings lowered Oman's long-term foreign- and local-currency ratings to BBB from BBB+.
Jan. 31
* Fitch Ratings upgraded Access Bank Plc's national long-term rating to A+(nga) from A(nga) and affirmed its B/B long- and short-term issuer default ratings, F1(nga) national short-term rating, "b" viability rating, 5 support rating and No Floor support rating floor, with a stable outlook on the long-term issuer default rating.
* Fitch affirmed the B-/B long- and short-term issuer default ratings of First Bank of Nigeria Ltd. and parent FBN Holdings Plc, their BB+(nga)/B(nga) national long- and short-term ratings, "b-" viability ratings, 5 support ratings and No Floor support rating floors, with negative outlooks on the long-term issuer default ratings.
* Fitch also affirmed Nigeria-based Zenith Bank Plc's long- and short-term issuer default ratings at B+/B and its national long- and short-term ratings at AA-(nga)/F1+(nga). The bank's "b+" viability rating, 5 support rating and No Floor support rating floor were also affirmed. The outlook on the long-term issuer default rating is negative.
* Fitch affirmed Nigeria-based Guaranty Trust Bank Plc's B+/B long- and short-term issuer default ratings, B+/RR4 senior unsecured long-term rating, AA-(nga)/F1+(nga) national long- and short-term ratings, "b+" viability rating, 5 support rating and No Floor support rating floor, with a negative outlook on the long-term issuer default rating.
* Fitch affirmed Nigeria-based United Bank for Africa Plc's B/B long- and short-term issuer default ratings, B/RR4 long-term senior unsecured debt rating, A+(nga)/F1(nga) national long- and short-term ratings, "b" viability rating, 5 support rating and No Floor support rating floor, with a stable outlook on the long-term issuer default rating.
Jan. 30
* A.M. Best assigned Noor Investment Group LLC unit Noor Takaful Family PJSC a financial strength rating of B (Fair) and a long-term issuer credit rating of "bb," with stable outlooks.
* S&P revised the outlook on Walaa Cooperative Insurance co.'s long-term local-currency financial strength rating to positive from stable, while affirming the rating at BBB+. The rating agency also affirmed the Saudi insurer's Gulf Cooperation Council regional scale financial strength rating at "gcAA+."
* CI Ratings affirmed Standard Bank of South Africa Ltd.'s financial strength rating at BBB.
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