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.

Feb. 26

* Capital Intelligence Ratings affirmed Iran-based Bank of Industry & Mine's long-term foreign-currency and financial strength ratings at BB-, with a stable outlook.

Feb. 23

* CI Ratings lowered to BBB- from BBB the long-term foreign-currency ratings of South African lenders Standard Bank of South Africa Ltd., FirstRand Bank Ltd. and Absa Bank Ltd.

* Moody's affirmed Ethiopia's B1 long-term issuer and senior unsecured ratings, with a stable outlook.

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

* S&P affirmed Iraq's B- long term and B short-term foreign- and local-currency sovereign credit ratings, with a stable outlook.

Feb. 22

* CI Ratings revised the long- and short-term Oman national scale ratings of Alizz Islamic Bank SAOG to omA+/omA1 from omBBB-/omA3, with a stable outlook.

* CI Ratings also revised the long- and short-term Oman national scale ratings of National Finance Co. SAOG and Muscat Finance (SAOG), to omA-/omA2 from omBBB/omA3.

* CI Ratings affirmed Oman International Development & Investment Co. SAOG's long- and short-term corporate ratings at BBB/A3, and revised the outlook on the company's ratings to negative from stable.

Feb. 21

* CI Ratings maintained National Bank of Oman SAOG's BBB long-term foreign-currency rating and lowered its short-term foreign-currency rating to A3 from A2.

* CI Ratings lowered the long-term foreign-currency ratings of Oman Arab Bank SAOC and Bank Sohar SAOG to BBB- from BBB.

* CI Ratings also lowered to BBB/A3 from BBB+/A2 the long- and short-term foreign-currency ratings of Oman-based lenders Bank Muscat SAOGand Ahli Bank SAOG.

Feb. 20

* A.M. Best downgraded Kenya Reinsurance Corp. Ltd.'s financial strength rating to B (Fair) from B+ (Good) and its long-term issuer rating to bb+ from bbb- and revised the outlook on the ratings to stable from negative.

* S&P lowered Medgulf Cooperative Insurance and Reinsurance Co.'s credit and insurer financial strength ratings to B from BB- and revised the implications of the ratings' CreditWatch placement to developing from negative. The rating agency also lowered the Saudi Arabia-based company's Gulf Cooperation Council regional scale issuer credit rating to gcB+ from gcBBB- and changed the implications of the ratings' CreditWatch placement to developing from negative.

* S&P affirmed Saudi Arabia-based Wataniya Cooperative Insurance Co.'s BBB long-term issuer credit and insurer financial strength ratings, with a stable outlook.

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