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MEA ratings roundup through Dec. 26

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MEA ratings roundup through Dec. 26

S&P Global Market Intelligence presents a weekly overview of ratings actions on Middle Eastern and African financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.

Dec. 23

* A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-" of Kenya Reinsurance Corp. Ltd.

* A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of "a" of Qatar Insurance Co. SAQ and its main subsidiaries QIC International LLC and Qatar Reinsurance Co. Ltd. The outlook of these credit ratings remains stable.

* A.M. Best placed under review with positive implications the financial strength rating of C (Weak) and the long-term issuer credit rating of "ccc+" of AL Ittihad al Wattani L Union.

Dec. 22

* Fitch Ratings affirmed Kenya's long-term foreign- and local-currency issuer default ratings at B+, with a negative outlook. Also affirmed were the B+ issue ratings on Kenya's senior unsecured foreign-currency bonds, BB- country ceiling and B short-term foreign- and local-currency issuer default ratings.

* A.M. Best affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Misr Life Insurance Co. and Misr Insurance Co., both wholly owned subsidiaries of Misr Insurance Holding Co. The outlook of these credit ratings is stable.

* Capital Intelligence Ratings affirmed Ahli Bank QSC's long- and short-term foreign-currency ratings at A and A2, respectively, with stable outlooks. The agency also maintained the support rating of 1.

* CI Ratings affirmed the long- and short-term foreign-currency ratings of Housing Bank for Trade & Finance at BB- and B, respectively.

Dec. 21

* A.M. Best upgraded the financial strength rating to A- (Excellent) from B++ (Good) and the long-term issuer credit rating to "a-" from "bbb+" for Arab Insurance Group (B.S.C). The outlook of these credit ratings was revised to stable from positive.

* A.M. Best revised the outlook to negative from stable for the long-term issuer credit rating and affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb+" of Jordan Insurance Co. The outlook of the financial strength rating remains stable.

* Moody's withdrew its Ba1 insurance financial strength rating and positive outlook on Kuwaiti insurer Tazur Takaful Insurance Co.

* CI Ratings affirmed Cairo Amman Bank's long- and short-term foreign-currency ratings at BB- and B, respectively.

* CI Ratings affirmed BNP Paribas SA's Tunisian unit Union Bancaire pour le Commerce et l'Industrie SA's financial strength rating at BB.

Dec. 20

* S&P Global Ratings upgraded Israel Discount Bank Ltd.'s long-term counterparty credit rating to BBB+ from BBB, with a stable outlook. S&P affirmed the bank's short-term counterparty credit rating at A-2.

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