MENA Sovereign, Bank, And Oil-Related Ratings

MENA Sovereign Ratings

 

 

S&P

 

Moody’s

 

 

 

Country

 

 

Last Change

 

 

Local Currency

Sovereign Rating

 

 

Foreign Currency

Sovereign Rating

 

 

 

Last

Change

Long-Term

Domestic

Currency

Rating

Long-Term

Foreign

Currency

Rating

 

 

 

Outlook

Bahrain

05/04/06

A/Stable/A-1

A/Stable/A-1

 

24/07/07

A2

A2

Stable

Egypt

14/03/05

BBB-/Stable/A-3

BB+/Stable/B

 

23/06/08

Ba1

Ba1

Negative

Iran

-

-

-

 

-

-

-

-

Jordan

28/11/06

BBB/Stable/A-3

BB/Stable/B

 

08/01/07

Baa3

Ba2

Stable

Kuwait

14/04/08

AA-/Stable/A-1+

AA-/Stable/A-1+

 

24/07/07

Aa2

Aa2

Stable

Lebanon

31/01/08

CCC+/Stable/C

CCC+/Stable/C

 

25/03/08

B3

B3

Stable

Morocco

11/04/08

BBB/Stable/A-3

BB+/Stable/B

 

28/04/04

Ba1

Ba1

Stable

Oman

23/01/07

A/Stable/A-1

A/Stable/A-1

 

24/07/07

A2

A2

Stable

Qatar

06/03/07

AA+/Stable/A-1+

AA-/Stable/A-1+

 

24/07/07

Aa2

Aa2

Stable

Saudi Arabia

16/07/07

A+/Stable/A-1

A+/Stable/A-1

 

24/07/07

A1

A1

Positive

Tunisia

08/030/07

A/Stable/A-1

BBB/Stable/A-3

 

17/04/03

Baa2

Baa2

Stable

UAE

-

-

-

 

09/07/07

Aa2

Aa3

Stable

Yemen

-

-

-

 

-

-

-

-

 

 

 

Fitch

 

 

Capital Intelligence

 

 

Country

 

Last Change

Foreign

Currency

Long-Term

Foreign

Currency

Short-Term

 

 

Outlook

 

 

Last Change

Foreign

Currency

Long-Term

Foreign

Currency

Short-Term

 

 

Outlook

Bahrain

24/08/07

A

F1

Stable

 

04/06/08

A

A1

Stable

Egypt

18/06/05

BB+

B

Positive

 

12/10/05

B-

A3

Stable

Iran

24/14/06

B+

B

Stable

 

17/04/07

BB-

BB+

Stable

Jordan

-

-

-

-

 

05/07/06

BB

B

Stable

Kuwait

30/05/07

AA-

F1+

Stable

 

23/03/04

A+

A1

Stable

Lebanon

14/07/06

B-

B

Stable

 

21/07/06

B-

B

Negative

Morocco

19/04/07

BBB-

F3

Stable

 

29/10/07

BBB-

BBB

Stable

Oman

-

-

-

-

 

23/04/08

A

A1

Stable

Qatar

-

-

-

-

 

30/01/08

AA-

A1+

Stable

Saudi Arabia

09/07/08

AA-

F1+

Stable

 

26/02/08

AA-

A1+

Stable

Tunisia

08/08/07

BBB

F2

Stable

 

28/09/04

BBB

A3

Stable

UAE

-

-

-

-

 

13/05/03

A+

A1

Stable

Yemen

-

-

-

 

06/11/06

B-

B

Stable

 

MENA Bank Ratings

 

 

S&P

 

Moody’s

 

 

 

Banks by Country

 

Local

Currency

Rating

 

Foreign

Currency

Rating

 

Long-Term

Foreign

Currency

Deposits

Short-Term
Foreign
Currency
Deposits

 

 

 

FSR

 

 

 

Outlook

Saudi Arabia

 

 

 

 

 

 

 

National Commercial Bank

A+/Stable/A-1

A+/Stable/A-1

 

A1

Prime-1

C

Stable

Samba

A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C+

Stable

Riyad Bank

A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C

Stable

Al-Rajhi Banking & Inv. Corp.

A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C

Stable

Banque Saudi Fransi

A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C

Stable

Saudi British Bank

A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C+

Stable

 Arab National Bank

 A/Stable/A-1

A/Stable/A-1

 

A1

Prime-1

C

Stable

 

 

 

 

 

 

 

 

UAE

 

 

 

 

 

 

 

Abu Dhabi Commercial Bank

A/Stable/A-1

A/Stable/A-1

 

Aa3

Prime-1

C-

Stable

Emirates Bank International

A/Positive/A-1

A/Positive/A-1

 

A1

Prime-1

C-

Stable

National Bank of Abu Dhabi

A+/Stable/A-1

A+/Stable/A-1

 

Aa3

Prime-1

C

Stable

National Bank of Dubai

A/Positive/A-1

A/Positive/A-1

 

A1

Prime-1

C-

Stable

Mashreqbank

A/Stable/A-1

A/Stable/A-1

 

A2

Prime-1

C-

Stable

 

 

 

 

 

 

 

 

Bahrain

 

 

 

 

 

 

 

Gulf International Bank

A-/Stable/A-2

A-/Stable/A-2

 

A2

Prime-1

C-

Negative

Gulf Investment Corporation

A-/Stable/A-2

A-/Stable/A-2

 

A2

Prime-1

D+

Stable

Arab Banking Corporation

BBB+/Stable/A-2

BBB+/Stable/A-2

 

A3

Prime-2

C-

Stable

 

 

 

 

 

 

 

 

Qatar

 

 

 

 

 

 

 

Qatar National Bank

A+/Stable/A-1

A+/Stable/A-1

 

Aa3

Prime-1

C-

Stable

 

 

 

 

 

 

 

 

Kuwait

 

 

 

 

 

 

 

National Bank of Kuwait

A+/Stable/A-1

A+/Stable/A-1

 

Aa2

Prime-1

B-

Stable

Kuwait Finance House

A-/Positive/A-2

A-/Positive/A-2

 

Aa3

Prime-1

C-

Stable

 

 

 

 

 

 

 

 

Oman

 

 

 

 

 

 

 

Bank Muscat

BBB+/Positive/A-2

BBB+/Positive/A-2

 

A2

Prime-1

C-

Stable

 

 

Fitch Ratings

 

Capital Intelligence

 

 

 

Banks by Country

Foreign

Currency

Long-Term

Foreign

Currency

Short-Term

 

 

Outlook

 

Foreign

Currency

Long-Term

Foreign

Currency

Short-Term

FSR

Outlook

Saudi Arabia

 

 

 

 

 

 

 

 

National Commercial Bank

A+

F1

Stable

 

A+

A1

A+

Stable

Samba

A+

F1

Stable

 

A+

A1

A+

Stable

Riyad Bank

A+

F1

Stable

 

A-

A2

A+

Stable

Al-Rajhi Banking & Inv. Corp.

A+

F1

Stable

 

A-

A2

A-

Stable

Banque Saudi Fransi

A

F1

Stable

 

A-

A2

A+

Stable

Saudi British Bank

A

F1

Stable

 

A-

A2

A

Stable

Arab National Bank

A

F1

Stable

 

A+

A1

A

Positive

 

 

 

 

 

 

 

 

 

UAE

 

 

 

 

 

 

 

 

Abu Dhabi Commercial Bank

-

-

-

 

A

A2

A+

Stable

Emirates Bank International

AA-

F1+

Stable

 

A

A2

A+

Stable

National Bank of Abu Dhabi

AA-

F1+

Stable

 

AA-

A1+

A+

Stable

National Bank of Dubai

-

-

-

 

A+

A1

A+

Stable

Mashreqbank

A+

F1

Stable

 

A+

A1

A+

Stable

 

 

 

 

 

 

 

 

 

Bahrain

 

 

 

 

 

 

 

 

Gulf International Bank

A

F1

Stable

 

A

A2

A-

Stable

Gulf Investment Corporation

A

F1

Stable

 

-

-

-

-

Arab Banking Corporation

BBB+

F2

Negative

 

BBB+

A-1

-

-

 

 

 

 

 

 

 

 

 

Qatar

 

 

 

 

 

 

 

 

Qatar National Bank

A+

F1

Stable

 

AA-

A1+

A+

Positive

 

 

 

 

 

 

 

 

 

Kuwait

 

 

 

 

 

 

 

 

National Bank of Kuwait

A+

F1

Stable

 

A+

A1

AA-

Stable

Kuwait Finance House

A

F1

Stable

 

A

A2

A-

Stable

 

 

 

 

 

 

 

 

 

Oman

 

 

 

 

 

 

 

 

Bank Muscat

A-

F2

Stable

 

A-

A1

A-

Stable

 

Rated MENA Oil Projects & Companies (Updated 20 March 2008)

 

Company/Project

Rating Agency

Rating

Outlook

Qatar Petroleum

S&P

AA-

Stable

Qatar Petroleum

Moody’s

Aa2

Stable

Kuwait Projects Company (KIPCO)
Corporate credit rating

S&P

BBB+ (long-term)

A-2 (short-term)

Positive

Kuwait Projects Company (KIPCO)
Corporate credit rating

Moody’s

Baa1/P-2

Stable

Abu Dhabi National Energy Company (TAQA)

S&P

AA-/A-1+

Stable

Abu Dhabi National Energy Company (TAQA)

Moody’s

Aa2

Stable

ETAP (Tunisian Petroleum Activities Company)

Fitch

AA+ (long-term)

F1+ (short-term)

Stable

QAFCO (Qatar Fertilizer Company)

S&P

A+

Stable

QAFCO (Qatar Fertilizer Company)

Moody’s

Aa2

Stable

Saudi Electricity Company (SEC)

Moody’s

A1 (long-term)

A1 (short-term)

Positive

 


 

Selected Rated MENA Bonds (Updated 20 March 2008)

 

Bonds/Notes

Rating Agency

Rating

Outlook

Ras Laffan LNG – First Mortgage Bonds

Moody’s

Aa2

Stable

Yam Thetis Senior Secured Notes

S&P

BBB-

Stable

Egyptian General Petroleum Export Notes (Preliminary Ratings)

S&P

AAA (A-1 and A-2 Notes)

BBB (A-3 Notes)

    -

Egyptian General Petroleum Export Notes (Provisional Ratings)

Moody’s

Aaa (A-1 and a-2 Notes)

Baa1 (a-3 Notes)

     -

RasGas 2/3 Senior Secured Bonds

Moody’s

Aa2

Stable

RasGas 2/3 Senior Secured Bonds

S&P

A

Stable

Qatar Petroleum Upcoming Eurobond

S&P

AA-

Stable

Qatar Petroleum Upcoming Eurobond

Moody’s

A1

Stable

Emirates Aluminum Company (EMAL) Senior Secured Bonds

Moody’s

A3

Stable

Abu Dhabi National Energy Company (TAQA)

Promosed Concertible Notes (The Notes Mature on 1st Sept. 2008)

S&P

A

-

 

Ratings Scales

 

Moody’s

 

Bank deposit and issuer ratings:

 

Long-term – Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C. Moody’s appends the numerical modifiers 1, 2, and 3 to each generic rating category from Aa to Caa. The modifier 1 indicates that the bank is in the higher end of its letter-rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the bank is in the lower end of its letter-rating category. Investment grade is Baa3 and above.

 

Short-term – P1 (Prime-1), P2, P3, NP (Not Prime).

 

Financial Strength Ratings (FSR) – A, B, C, D, E.

 

S&P

 

Long-term issue and issuer credit ratings: Investment grade – AAA, AA, A, BBB. Speculative grade – BB, B, CCC, CC, C, D. An ‘r’ attached to the rating denotes significant non-credit risks.

 

Short-term issue and issuer ratings: A-1, A-2, A-3, B, C, D. A ‘pi’ attached to the rating means that the rating is for public information, and based only on published information.

 

Fitch Ratings

 

Foreign and local currency ratings: Long-term – Investment grade (AAA, AA, A, BBB); Speculative grade (BB, B, CCC, CC, C, DDD, DD, D).

 

Short-term – Investment grade (F1, F2, F3); Speculative grade, (B, C, D).

 

Capital Intelligence

 

Foreign and local currency ratings: Long-term – Investment grade (AAA, AA, A, and BBB); Speculative grade (BB, B, C, D).

 

Short-term – Investment grade (A1, A2, A3); Speculative grade (B,C,D).

 

Financial Strength Ratings (FSR) – AAA, AA, A, BBB, BB, B, C, D.