S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.
EUROPE
* ACRA affirmed the BB+(RU) credit rating of Russia-based Joint Stock BANK Avangard, with a stable outlook on the long-term rating.
* Moody's placed the Caa3 long-term issuer rating of Italy's Banca Carige SpA on review for upgrade from review with direction uncertain, which the rating agency initiated Jan. 11. Moody's also placed the Italian lender's "ca" baseline and adjusted baseline credit assessments on review for upgrade and extended the review with direction uncertain on the bank's Caa1 long-term deposit ratings, B3 long-term counterparty risk ratings and B2(cr) long-term counterparty risk assessment.
* DBRS confirmed Instituto de Crédito Oficial's A/ R-1 (low) long- and short-term issuer, deposits and senior debt ratings, while the trend on all ratings was changed to positive from stable. The company's support assessment remains SA1.
MIDDLE EAST
* Capital Intelligence Ratings affirmed the A long-term foreign-currency rating of Saudi Arabia-based Arab National Bank and adjusted its short-term foreign-currency rating to A1 from A2. The agency also assigned it bank stand-alone and core financial strength ratings of "bbb+" and an extraordinary support level of High. The outlook on the long-term rating and the bank stand-alone rating is stable.
* CI Ratings upgraded to A- from BBB+ the long-term foreign-currency rating of National Bank of Umm Al-Qaiwain (PSC) and affirmed its short-term foreign-currency rating at A2. The agency also assigned the UAE-based lender a bank stand-alone rating of "bbb," a core financial strength rating of "bbb-" and an extraordinary support level of high. The outlook on the long-term rating and the bank stand-alone rating is stable.
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