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.
Oct. 9
* Moody's maintained a stable outlook on the United Arab Emirates' banking system.
Oct. 6
* S&P Global Ratings affirmed Ghana's long- and short-term foreign- and local-currency sovereign ratings at B-/B and revised the outlook on the long-term ratings to positive from stable.
* S&P affirmed Morocco's long- and short-term ratings at BBB-/A-3. The outlook remains stable.
* S&P affirmed Saudi Arabia's unsolicited long- and short-term sovereign credit ratings at A-/A-2. The outlook is stable.
Oct. 5
* Fitch revised the outlook on Burundi-based Eastern and Southern African Trade and Development Bank to positive from stable and affirmed its long- and short-term issuer default ratings at BB/B. The agency also affirmed the bank's national long-term rating at AAA(ken), with a stable outlook.
* Capital Intelligence Ratings assigned long- and short-term initial corporate ratings of BBB/A3 to Oman International Development & Investment Co. SAOG and long- and short-term initial corporate ratings on the Oman national scale of "omBBB"/"omA3" to National Finance Co. SAOG.
* CI Ratings affirmed Arab African International Bank (Egyptian JSC)'s long- and short-term foreign-currency ratings at B/B, with a stable outlook.
Oct. 4
* Moody's placed on review for downgrade the B1 global-scale long-term local-currency deposit ratings and "b1" baseline and adjusted baseline credit assessments of KCB Bank Kenya Ltd., Equity Bank (Kenya) Ltd. and Co-operative Bank of Kenya Ltd. Also placed on review for downgrade were the banks' B2 long-term foreign-currency deposit ratings and Ba3(cr) long-term counterparty risk assessments, as well as KCB Bank's B1 long-term issuer rating.
* A.M. Best removed Bahrain Kuwait Insurance Co. BSC from under review with developing implications and affirmed its financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-". The outlook assigned to the ratings is stable.
* S&P affirmed the long-term counterparty credit and insurer financial strength ratings of African Reinsurance Corp at A-, with a stable outlook.