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MEA ratings roundup through Dec. 18

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MEA ratings roundup through Dec. 18

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. 18

* A.M. Best affirmed Arab Reinsurance Co.'s B+ (Good) financial strength rating and "bbb-" long-term issuer credit rating. The outlook on the credit ratings remains stable.

Dec. 15

* A.M. Best affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-" of AXA Mansard Insurance Plc and revised the outlooks to stable from positive.

* Capital Intelligence Ratings affirmed the A+/A1 long- and short-term foreign- and local-currency ratings of Saudi Arabia.

* CI Ratings lowered the long-term foreign-currency rating of Union Bancaire pour le Commerce et l'Industrie SA to BB- from BB.

* CI Ratings affirmed the B+ financial strength rating of Société Tunisienne de Banque.

* S&P Global Ratings affirmed the B+/B long- and short-term foreign- and local-currency sovereign credit ratings of Senegal, with a stable outlook.

* S&P Global Ratings affirmed the B/B foreign- and local-currency long- and short-term sovereign credit ratings of Uganda, with a stable outlook.

Dec. 14

* Fitch downgraded Bank Muscat SAOG's long-term foreign-currency issuer default ratings to BBB- from BBB, while that of HSBC Bank Oman SAOG was lowered to BBB from A-. The agency also downgraded the long-term foreign-currency issuer default ratings of Bank Dhofar SAOG and Bank Sohar SAOG to BB+ from BBB-, as well as Ahli Bank SAOG's long-term foreign- and local-currency issuer default ratings to BB+ from BBB-. The outlooks on the ratings are negative.

National Bank of Oman SAOG's long-term foreign-currency issuer default rating was affirmed at BBB- but its outlook was revised to negative from stable. Also downgraded were HSBC Bank Oman's short-term foreign-currency issuer default rating to F2 from F1 and those of Ahli Bank, Bank Dhofar and Bank Sohar to B from F3, among other ratings.

* CI Ratings affirmed the BB-/B long- and short-term foreign-currency ratings of Al Baraka Banking Group BSC unit Jordan Islamic Bank, with a negative outlook.

* A.M. Best affirmed Ghana Reinsurance Co. Ltd.'s B (Fair) financial strength rating and "bb" long-term issuer credit rating. The outlook on the ratings is stable.

Dec. 13

* Fitch affirmed the viability ratings of nine Qatar-based banks and removed them from Rating Watch Negative. The rating agency affirmed the viability ratings of Qatar National Bank (QPSC) at "bbb+" and those of Commercial Bank (PSQC), Doha Bank QSC, Qatar Islamic Bank (QPSC) and Ahli Bank QSC at "bbb-." The viability ratings of Al Khalij Commercial Bank (al khaliji) PQSC, Qatar International Islamic Bank (QPSC), International Bank of Qatar (QSC) and Barwa Bank QSC were affirmed at "bb+."

* S&P affirmed Wethaq Takaful Insurance Co. KSCP's long-term issuer credit and financial strength ratings at BB and revised the outlook to negative from stable.

* CI Ratings affirmed the BBB+ financial strength rating of Gulf Bank KSCP.

Dec. 12

* Moody's affirmed Rawbank SA's long-term local-currency deposit rating at B3 and its foreign-currency deposit rating at Caa1, and changed the outlook on the ratings to negative from stable. The agency also downgraded the Rawholding SA unit's long-term counterparty risk assessment to B3(cr) from B2(cr) and affirmed its short-term deposit ratings at NP, baseline and adjusted baseline credit assessments at "b3" and short-term counterparty risk assessment at NP(cr).

* Moody's upgraded the baseline and adjusted baseline credit assessments of Egyptian state-owned banks National Bank of Egypt (SAE), Banque Misr - SAE and Banque du Caire SAE to "b3" from "caa1," as well as their long-term counterparty risk assessments to B2(cr) from B3(cr). The agency also affirmed the three banks' long-term local-currency bank deposit ratings at B3 and their long-term foreign-currency bank deposit ratings at Caa1. The banks' NP short-term bank deposit ratings and NP(cr) short-term counterparty risk assessments were also affirmed.

Concurrently, Moody's affirmed the long-term local-currency bank deposit ratings of Commercial International Bank (Egypt) SAE and Bank of Alexandria SAE at B3 and B2, respectively, as well as their long-term foreign-currency bank deposit ratings at Caa1 and short-term bank deposit ratings at NP. Commercial International Bank (Egypt)'s "b3" baseline and adjusted baseline credit assessments and B2(cr)/NP(cr) long- and short-term counterparty risk assessments were also affirmed, among other ratings.

* S&P affirmed the A- long-term counterparty credit and insurer financial strength ratings of Al Koot Insurance & Reinsurance Co., with a negative outlook.

* Moody's said the outlook for the African banking system in 2018 remains negative.

* CI Ratings downgraded the long-term foreign-currency ratings of Banque Internationale Arabe de Tunisie SA and Banque de Tunisie SA to BB- from BB.

* CI Ratings also downgraded the long-term foreign-currency ratings of Attijariwafa Bank SA unit Banque Attijari de Tunisie SA and Arab Bank Group unit Arab Tunisian Bank to BB- from BB.

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