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 14
* S&P Global Ratings upgraded the long-term issuer credit rating of Commercial International Bank (Egypt) SAE to B from B- and affirmed the B short-term rating. The outlook is stable.
* S&P affirmed Kuwait Finance House KSCP's long- and short-term issuer credit ratings at A-/A-2, then withdrew the ratings at the bank's request. Prior to withdrawal, the outlook on the long-term rating was negative.
* Moody's assigned a first-time B1 foreign-currency issuer rating, with a negative outlook, to Togo-based Banque d'investissement et de développement de la CEDEAO, or the ECOWAS Bank for Investment and Development.
May 11
* S&P upgraded Egypt's long-term foreign- and local-currency sovereign credit ratings to B from B-, with a stable outlook, and affirmed the short-term ratings at B.
* S&P affirmed Oman's long- and short-term foreign- and local-currency sovereign credit ratings at BB/B. The outlook is stable.
* Fitch Ratings affirmed the B/B long- and short-term local- and foreign-currency issuer default ratings of Cameroon, with a stable outlook on the long-term ratings. The agency also affirmed Cameroon's country ceiling at BB+.
* Capital Intelligence Ratings affirmed the BBB- financial strength rating of Lebanon-based Bank Audi SAL, with a stable outlook.
May 9
* Moody's said the outlook on the Nigerian banking system remains stable as lenders' foreign-currency liquidity risks moderate, owing to rising oil prices and a more liberal foreign exchange policy.
* Moody's assigned B3/NP long- and short-term local-currency deposit ratings and Caa1/NP foreign-currency deposit ratings to Banco Económico SA, with stable outlook on the long-term ratings. The agency also assigned the Angolan lender "caa2" baseline and adjusted baseline credit assessments and B3(cr)/NP(cr) counterparty risk assessments.
* CI Ratings revised the outlook on the long-term foreign-currency and financial strength ratings of Iran-based Bank of Industry & Mine to negative from stable. The agency also revised the outlook on Export Development Bank of Iran's long-term foreign-currency rating to negative from stable.
May 8
* S&P affirmed the B long-term issuer credit and insurer financial strength ratings of Saudi Arabia-based Medgulf Cooperative Insurance and Reinsurance Co.
* Fitch affirmed the B insurer financial strength rating of Nova Sociedade de Seguros de Angola SA and revised the outlook to stable from negative.
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.
