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MEA ratings roundup through Dec. 4

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MEA ratings roundup through Dec. 4

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. 4

* A.M. Best assigned Bahrain-based Al Ahlia Insurance Co. BSC a financial strength rating (FSR) of B++ (Good) and a long-term issuer credit rating of "bbb." The outlook on the financial strength rating is stable, while the outlook on the long-term issuer credit rating is positive.

* A.M. Best removed from under review with positive implications and affirmed the B++ (Good) financial strength rating and the "bbb" long-term issuer credit rating of Jordan-based First Insurance Co. Ltd. The outlook on the financial strength rating is stable, while the outlook on the long-term issuer credit rating is positive.

* Capital Intelligence Ratings affirmed the ratings of Arab Tunisian Bank and Banque Attijari de Tunisie SA.

Dec. 1

* S&P Global Ratings downgraded Bahrain's long-term foreign- and local-currency sovereign credit ratings to B+ from BB- and affirmed its B short-term sovereign credit ratings. The outlook is stable.

* A.M. Best affirmed Custodian & Allied Plc unit Custodian & Allied Insurance Ltd.'s B (Fair) financial strength rating and "bb" long-term issuer credit rating. The outlook on the financial strength rating remains stable, while the outlook on the long-term issuer credit rating remains positive.

Nov. 30

* S&P lowered Old Mutual Plc unit Old Mutual Life Assurance Co. (South Africa) Ltd.'s local-currency counterparty credit ratings and financial strength ratings to BB+ from BBB- and its national scale rating to zaAA+/zaA-1+ from zaAAA/zaA-1+. The agency also lowered the national scale ratings of Sanlam Ltd. to zaA from zaA+ and the long-term national scale rating of Standard Bank Group Ltd. unit Liberty Group Ltd. to zaAA+ from zaAAA, among other various ratings actions.

* Moody's placed Bidvest Bank Ltd.'s Ba1 long-term local-currency global scale issuer rating and Aa2.za long-term national scale rating on review for downgrade. At the same time, the agency affirmed the bank's short-term issuer rating at NP and short-term national scale rating at P-1.za.

* CI Ratings affirmed Ahli United Bank BSC unit Ahli United Bank KSCP's financial strength rating at A-, with a stable outlook.

Nov. 29

* Moody's placed on review for downgrade Discovery Ltd.'s Ba1 long-term issuer rating and Aa3.za national scale long-term issuer rating; the Baa3 insurance financial strength ratings of Guardrisk Insurance Co. Ltd., Guardrisk Life Ltd. and Guardrisk International Ltd.; MMI Holdings Ltd. unit MMI Group Ltd.'s Baa2 insurance financial strength rating, Baa3 long-term issuer rating and Aaa.za national scale long-term issuer rating; Old Mutual Life Assurance Co. (South Africa)'s Baa2 insurance financial strength rating; and Old Mutual's Ba1 long-term issuer rating.

* Fitch assigned Sterling Bank Plc long- and short-term foreign-currency issuer default ratings of B-/B and national long- and short-term ratings of BBB-(nga)/F3(nga), with a stable outlook on the long-term issuer default rating. The agency also assigned the lender a viability rating of "b-," a support rating of 5 and a support rating floor of No Floor.

* S&P lowered the long-term issuer credit ratings of Capitec Bank Holdings Ltd. unit Capitec Bank Ltd., FirstRand Bank Ltd., Nedbank Ltd. and Investec Group unit Investec Bank Ltd. to BB from BB+, as well as their long-term South Africa national scale ratings to zaAA- from zaAA, and FirstRand Ltd.'s long-term issuer credit rating to B+ from BB- and long-term South Africa national scale rating to zaBBB+ from zaA-. The agency also downgraded Absa Bank Ltd.'s and BNP Paribas SA unit BNP Paribas Personal Finance South Africa Ltd.'s long-term South Africa national scale ratings to zaAA- from zaAA, Barclays Africa Group Ltd.'s long-term South Africa national scale rating to zaBBB+ from zaA- and the Development Bank of Southern Africa's local-currency issuer credit ratings to BB+/B from BBB-/A-3, among other various ratings actions.

Nov. 28

* Moody's placed on review for downgrade the Baa3 long-term local- and foreign-currency bank deposit ratings of Standard Bank of South Africa Ltd., FirstRand Bank, Absa Bank, Nedbank and Investec Bank, as well as the Ba1 long-term issuer ratings of Standard Bank Group and Barclays Africa Group and the Baa3 long-term foreign-currency issuer ratings of the Development Bank of Southern Africa, Industrial Development Corp. of South Africa Ltd. and Land & Agricultural Development Bank of South Africa. Meanwhile, Mercantile Bank Ltd.'s Baa1.za/P-2.za long- and short-term national-scale issuer ratings were placed on review for upgrade, among other various ratings actions.

* Fitch said the banking sector outlook in the Gulf Cooperation Council region is negative, adding that it has negative outlooks on 30% of GCC bank ratings.

* Fitch affirmed Israel's long-term issuer default ratings at A+, with a stable outlook, and its short-term issuer default ratings at F1+ and country ceiling at AA.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.