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MEA ratings roundup through June 11

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MEA ratings roundup through June 11

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 11

* Fitch affirmed Saudi Arabia's long- and short-term foreign- and local-currency issuer default ratings at A+/F1+, with a stable outlook on the long-term rating, and affirmed its country ceiling at AA.

* Fitch assigned KCB Group PLC and unit KCB Bank Kenya Ltd. long-term issuer default ratings of B+ and national long-term ratings of AA(ken), with stable outlooks. The agency also assigned both entities short-term issuer default ratings of B, viability ratings of "b+," and national short-term ratings of F1+(ken). KCB Group was assigned a support rating of 5 and support rating floor of No Floor, while KCB Bank Kenya was assigned a support rating of 4 and support rating floor of B+.

* Fitch affirmed Standard Bank Group Ltd. unit Stanbic Bank Kenya Ltd.'s BB-/B long- and short-term issuer default ratings, 3 support rating, "b" viability rating and AAA(ken)/F1+(ken) national long- and short-term ratings, with stable outlooks on the long-term ratings.

June 8

* Moody's lowered the issuer and senior unsecured debt ratings of Gabon to Caa1 from B3 and changed its outlook to stable from negative.

June 7

* S&P upgraded to A- from BBB+ the long-term issuer credit rating of Dubai-based Mashreqbank PSC, with a stable outlook, and affirmed its short-term rating at A-2.

* Fitch changed the outlook on the long-term issuer default rating of Gulf Investment Corp. GSC to negative from stable, while affirming the rating at A-. The agency also affirmed the Kuwait-based company's F1 short-term issuer default rating.

* Moody's revised the outlook on Cameroon's local- and foreign-currency issuer ratings to negative from stable and affirmed the ratings at B2.

* Fitch affirmed Islamic Development Bank's long- and short-term issuer default ratings at AAA/F1+, with a stable outlook on the long-term rating.

* S&P affirmed Sharjah Islamic Bank PJSC's BBB+/A-2 long- and short-term issuer credit ratings, with a stable outlook.

June 5

* Fitch affirmed Qatar's long- and short-term foreign- and local-currency issuer default ratings at AA-/F1+ and revised the outlook on the long-term ratings to stable from negative. The country ceiling was affirmed at AA.

* Fitch affirmed the long- and short-term issuer default ratings of Dubai-based Emirates NBD Bank PJSC at A+/F1, with a stable outlook on the long-term rating. The bank's 1 support rating, "bb+" viability rating, A+ support rating floor and A+/F1 long- and short-term senior unsecured ratings were also affirmed.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.