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.
Dec. 11
* Fitch Ratings downgraded Oman's long-term foreign- and local-currency issuer default ratings to BBB- from BBB with a negative outlook.
* S&P Global Ratings affirmed United Arab Emirates-based Al Wathba National Insurance Co. PJSC's long-term local-currency counterparty and financial strength ratings at BBB, with a negative outlook.
Dec. 8
* Fitch affirmed the long- and short-term issuer default ratings of Bank Audi SAL and Byblos Bank SAL at B-/B, with a stable outlook on the long-term ratings. The agency also affirmed the Lebanon-based banks' "b-" viability ratings, their 5 support ratings and CCC support rating floors.
* Moody's downgraded the ratings outlook on the Democratic Republic of the Congo to negative from stable, citing a significant rise in macroeconomic volatility and external pressures amid the country's increasingly polarized political scene. The agency affirmed the country's long-term issuer rating at B3.
Dec. 7
* Capital Intelligence Ratings affirmed Arab Bank Plc's financial strength ratings at BBB+.
* A.M. Best affirmed Egypt-based Misr Insurance Holding Co. unit Misr Life Insurance Co.'s financial strength rating at B++ (Good) and its long-term issuer credit rating at "bbb".
* A.M. Best removed from under review with negative implications and affirmed African Reinsurance Corp.'s financial strength rating of A (Excellent) and the long-term issuer credit rating of "a". The outlook is stable.
Dec. 5
* CI Ratings affirmed the ratings of Tunisia-based Amen Bank.
* Fitch affirmed the BB+ long-term issuer default ratings of Nedbank Group Ltd. and Nedbank Ltd. and downgraded to 5 from 4 the support rating of Nedbank Group, following the announcement of a clear time frame for Nedbank Group's separation from ultimate parent Old Mutual Plc. The outlook on both entities' long-term term issuer default ratings is stable. The agency affirmed both entities' B short-term foreign-currency issuer default rating; "bb+" viability rating; F1+(zaf) national short-term rating; and AA(zaf) national long-term rating, with a stable outlook, among other ratings.
* CI Ratings upgraded Saudi Arabia-based Al Rajhi Banking & Investment Corp.'s short-term foreign-currency rating, while affirming its long-term rating.
* Fitch affirmed the long- and short-term issuer default ratings of Investec Ltd. and unit Investec Bank Ltd. at BB+/B, their long-term local-currency issuer default ratings at BB+ and their national long- and short-term ratings at AA(zaf)/F1+(zaf). The outlook on long-term ratings is stable for both banks. The agency also affirmed Investec's support rating at 5 and that of Investec Bank's at 3 and the support rating floor of Investec at No Floor and that of Investec Bank at BB-.
* Fitch affirmed FirstRand Ltd. unit FirstRand Bank Ltd.'s long- and short-term foreign-currency issuer default ratings at BB+/B and its long-term local-currency issuer default rating at BB+, with a stable outlook on the long-term ratings. The rating agency affirmed the South African bank's national long- and short-term ratings at AA(zaf)/F1+(zaf), with a stable outlook on the long-term rating. The agency also affirmed the bank's 3 support rating, its BB- support rating floor and "bb+" viability rating.
* Fitch affirmed the BB+/B long- and short-term issuer default ratings of Barclays Africa Group Ltd. and unit Absa Bank Ltd. as well as their BB+ long-term local-currency issuer default ratings. The rating agency affirmed both entities' national long- and short-term ratings at AA(zaf)/F1+(zaf). The outlook on the long-term ratings is stable. Fitch also affirmed Barclays Africa Group's support rating at 5 and that of Absa Bank at 3, and the support rating floor of Barclays Africa Group at No Floor and that of Absa Bank at BB-. The viability ratings of both entities were affirmed at "bb+".
* Fitch affirmed Development Bank of Southern Africa's national long- and short-term rating at AA+(zaf)/F1+(zaf), with a stable outlook on the long-term rating. The bank's support rating was affirmed at 3.
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