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MEA ratings roundup through May 14

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MEA ratings roundup through May 14

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. and removed them from CreditWatch developing. The outlook on the ratings is stable.

* 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.