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MEA ratings roundup through June 5


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MEA ratings roundup through June 5

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.

June 2

* Moody's affirmed the long-term issuer and senior unsecured ratings of Togo-based Banque Ouest Africaine de Développement, or West African Development Bank, at Baa1 and maintained the stable outlook.

June 1

* Capital Intelligence Ratings affirmed Commercial Bank of Kuwait KPSC's long- and short-term foreign-currency ratings at A+/A2.

* Moody's upgraded Mashreqbank PSC's long-term local- and foreign-currency deposit ratings and senior unsecured foreign-currency debt rating to Baa1 from Baa2 and changed the outlook on the ratings to stable from positive. The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "baa3" from "ba1" and long-term counterparty risk assessment to A3(cr) from Baa1(cr), and affirmed the P-2 short-term local- and foreign-currency deposit ratings and P-2(cr) short-term counterparty risk assessment.

* CI revised to negative from stable the outlook on the long-term foreign-currency and financial strength ratings of Jordan-based lenders Arab Banking Corp. (Jordan), Arab Jordan Investment Bank, Cairo Amman Bank, Housing Bank for Trade & Finance, Jordan Islamic Bank, Jordan Kuwait Bank PSC and Jordan Commercial Bank following a similar ratings action on the sovereign. The agency also revised the outlook on the long-term foreign currency ratings of Arab Bank Plc and Capital Bank of Jordan to negative from stable and the financial strength rating of InvestBank to negative from positive.

* CI affirmed BLOM BANK SAL's financial strength rating at BBB-, with a stable outlook.

May 31

* Moody's maintained a negative outlook on Bahrain's banking industry, citing the challenges posed by deteriorating economic growth, the sector's exposure to government debt and the authorities' lower capacity to support banks. The outlook will remain negative over the next 12 to 18 months, as it has been since 2015, Moody's said.

* CI affirmed National Bank of Kuwait SAKP's long- and short-term foreign-currency ratings at AA-/A1+.

May 30

* Moody's withdrew the Ba2/Not Prime issuer ratings and Ba2(cr)/NP(cr) counterparty risk assessments of Bahrain Development Bank BSC (c) for its own business reasons. The outlook on the long-term ratings was negative at the time of withdrawal.

* Moody's revised the outlook on various ratings of Qatari, Kuwaiti and UAE-based banks to stable from negative, following actions on their home countries' sovereign ratings. The actions include the outlook revision to stable from negative on the Aa3 long-term deposit ratings of Qatar National Bank (QPSC), National Bank of Kuwait and First Abu Dhabi Bank PJSC and the A1 long-term deposit ratings of Kuwait Finance House KSCP, Abu Dhabi Commercial Bank PJSC and Union National Bank - PJSC.