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.
May 21
* Moody's downgraded to A3/Prime-2 from A2/Prime-1 the long- and short-term deposit ratings of Qatar-based lenders Commercial Bank PSQC and Doha Bank QPSC, with the outlooks on the long-term ratings remaining negative. The agency also downgraded the banks' baseline and adjusted baseline credit assessments to "ba1" from "baa3" and their long-term counterparty risk assessments to A2(cr) from A1(cr) and affirmed their short-term counterparty risk assessments at P-1(cr).
* Moody's affirmed Gulf Bank KSCP's A3/Prime-2 long- and short-term deposit ratings and revised the outlook on the long-term rating to positive from stable. The agency also affirmed the Kuwaiti lender's "ba1" baseline and adjusted baseline credit assessments and its A2(cr)/P-1(cr) long- and short-term counterparty risk assessments.
May 18
* Capital Intelligence affirmed Lebanon-based Credit Libanais SAL's BB+ financial strength rating, with a stable outlook.
May 17
* Fitch Ratings affirmed Nigeria's B+/B long- and short-term local- and foreign-currency issuer default ratings, with a negative outlook. The agency also affirmed Nigeria's B+ country ceiling.
* Fitch assigned Stanbic Bank Uganda Ltd. B+/B long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also assigned the Standard Bank Group Ltd. unit a support rating of 4, a "b" viability rating and national long- and short-term ratings of AAA(uga)/F1+(uga). The outlook on the national long-term rating is stable.
* CI affirmed the BB/B long- and short-term foreign-currency ratings of National Bank of Bahrain BSC.
* Moody's downgraded United Arab Emirates-based Mashreq Capital DIFC Ltd. investment manager quality assessment to MQ3 from MQ2, citing weakening management quality.
May 15
* S&P Global Ratings affirmed the A long-term issuer credit and insurer financial strength ratings of UAE-based insurer Orient Insurance PJSC with a stable outlook.
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.
