MENA Sovereign, Bank, And Oil-Related Ratings
MENA Sovereign Ratings
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S&P |
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Moody’s |
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Country |
Last Change |
Local Currency Sovereign Rating |
Foreign Currency Sovereign Rating |
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Last Change |
Long-Term Domestic Currency Rating |
Long-Term Foreign Currency Rating |
Outlook |
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Bahrain |
05/04/06 |
A/Stable/A-1 |
A/Stable/A-1 |
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24/07/07 |
A2 |
A2 |
Stable |
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Egypt |
14/03/05 |
BBB-/Stable/A-3 |
BB+/Stable/B |
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23/06/08 |
Ba1 |
Ba1 |
Negative |
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Iran |
- |
- |
- |
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- |
- |
- |
- |
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Jordan |
28/11/06 |
BBB/Stable/A-3 |
BB/Stable/B |
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08/01/07 |
Baa3 |
Ba2 |
Stable |
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Kuwait |
14/04/08 |
AA-/Stable/A-1+ |
AA-/Stable/A-1+ |
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24/07/07 |
Aa2 |
Aa2 |
Stable |
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Lebanon |
31/01/08 |
CCC+/Stable/C |
CCC+/Stable/C |
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25/03/08 |
B3 |
B3 |
Stable |
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Morocco |
11/04/08 |
BBB/Stable/A-3 |
BB+/Stable/B |
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28/04/04 |
Ba1 |
Ba1 |
Stable |
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Oman |
23/01/07 |
A/Stable/A-1 |
A/Stable/A-1 |
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24/07/07 |
A2 |
A2 |
Stable |
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Qatar |
06/03/07 |
AA+/Stable/A-1+ |
AA-/Stable/A-1+ |
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24/07/07 |
Aa2 |
Aa2 |
Stable |
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Saudi Arabia |
16/07/07 |
A+/Stable/A-1 |
A+/Stable/A-1 |
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24/07/07 |
A1 |
A1 |
Positive |
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Tunisia |
08/030/07 |
A/Stable/A-1 |
BBB/Stable/A-3 |
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17/04/03 |
Baa2 |
Baa2 |
Stable |
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UAE |
- |
- |
- |
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09/07/07 |
Aa2 |
Aa3 |
Stable |
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Yemen |
- |
- |
- |
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- |
- |
- |
- |
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Fitch |
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Capital Intelligence |
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Country |
Last Change |
Foreign Currency Long-Term |
Foreign Currency Short-Term |
Outlook |
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Last Change |
Foreign Currency Long-Term |
Foreign Currency Short-Term |
Outlook |
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Bahrain |
24/08/07 |
A |
F1 |
Stable |
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04/06/08 |
A |
A1 |
Stable |
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Egypt |
18/06/05 |
BB+ |
B |
Positive |
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12/10/05 |
B- |
A3 |
Stable |
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Iran |
24/14/06 |
B+ |
B |
Stable |
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17/04/07 |
BB- |
BB+ |
Stable |
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Jordan |
- |
- |
- |
- |
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05/07/06 |
BB |
B |
Stable |
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Kuwait |
30/05/07 |
AA- |
F1+ |
Stable |
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23/03/04 |
A+ |
A1 |
Stable |
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Lebanon |
14/07/06 |
B- |
B |
Stable |
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21/07/06 |
B- |
B |
Negative |
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Morocco |
19/04/07 |
BBB- |
F3 |
Stable |
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29/10/07 |
BBB- |
BBB |
Stable |
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Oman |
- |
- |
- |
- |
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23/04/08 |
A |
A1 |
Stable |
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Qatar |
- |
- |
- |
- |
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30/01/08 |
AA- |
A1+ |
Stable |
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Saudi Arabia |
09/07/08 |
AA- |
F1+ |
Stable |
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26/02/08 |
AA- |
A1+ |
Stable |
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Tunisia |
08/08/07 |
BBB |
F2 |
Stable |
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28/09/04 |
BBB |
A3 |
Stable |
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UAE |
- |
- |
- |
- |
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13/05/03 |
A+ |
A1 |
Stable |
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Yemen |
- |
- |
- |
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06/11/06 |
B- |
B |
Stable |
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MENA Bank Ratings
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S&P |
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Moody’s |
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Banks by Country |
Local Currency Rating |
Foreign Currency Rating |
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Long-Term Foreign Currency Deposits |
Short-Term |
FSR |
Outlook |
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Saudi Arabia |
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National Commercial Bank |
A+/Stable/A-1 |
A+/Stable/A-1 |
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A1 |
Prime-1 |
C |
Stable |
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Samba |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C+ |
Stable |
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Riyad Bank |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C |
Stable |
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Al-Rajhi Banking & Inv. Corp. |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C |
Stable |
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Banque Saudi Fransi |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C |
Stable |
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Saudi British Bank |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C+ |
Stable |
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Arab National Bank |
A/Stable/A-1 |
A/Stable/A-1 |
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A1 |
Prime-1 |
C |
Stable |
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UAE |
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Abu Dhabi Commercial Bank |
A/Stable/A-1 |
A/Stable/A-1 |
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Aa3 |
Prime-1 |
C- |
Stable |
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Emirates Bank International |
A/Positive/A-1 |
A/Positive/A-1 |
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A1 |
Prime-1 |
C- |
Stable |
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National Bank of Abu Dhabi |
A+/Stable/A-1 |
A+/Stable/A-1 |
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Aa3 |
Prime-1 |
C |
Stable |
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National Bank of Dubai |
A/Positive/A-1 |
A/Positive/A-1 |
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A1 |
Prime-1 |
C- |
Stable |
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Mashreqbank |
A/Stable/A-1 |
A/Stable/A-1 |
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A2 |
Prime-1 |
C- |
Stable |
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Bahrain |
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Gulf International Bank |
A-/Stable/A-2 |
A-/Stable/A-2 |
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A2 |
Prime-1 |
C- |
Negative |
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Gulf Investment Corporation |
A-/Stable/A-2 |
A-/Stable/A-2 |
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A2 |
Prime-1 |
D+ |
Stable |
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Arab Banking Corporation |
BBB+/Stable/A-2 |
BBB+/Stable/A-2 |
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A3 |
Prime-2 |
C- |
Stable |
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Qatar |
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Qatar National Bank |
A+/Stable/A-1 |
A+/Stable/A-1 |
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Aa3 |
Prime-1 |
C- |
Stable |
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Kuwait |
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National Bank of Kuwait |
A+/Stable/A-1 |
A+/Stable/A-1 |
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Aa2 |
Prime-1 |
B- |
Stable |
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Kuwait Finance House |
A-/Positive/A-2 |
A-/Positive/A-2 |
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Aa3 |
Prime-1 |
C- |
Stable |
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Oman |
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Bank Muscat |
BBB+/Positive/A-2 |
BBB+/Positive/A-2 |
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A2 |
Prime-1 |
C- |
Stable |
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Fitch Ratings |
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Capital Intelligence |
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Banks by Country |
Foreign Currency Long-Term |
Foreign Currency Short-Term |
Outlook |
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Foreign Currency Long-Term |
Foreign Currency Short-Term |
FSR |
Outlook |
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Saudi Arabia |
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National Commercial Bank |
A+ |
F1 |
Stable |
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A+ |
A1 |
A+ |
Stable |
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Samba |
A+ |
F1 |
Stable |
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A+ |
A1 |
A+ |
Stable |
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Riyad Bank |
A+ |
F1 |
Stable |
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A- |
A2 |
A+ |
Stable |
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Al-Rajhi Banking & Inv. Corp. |
A+ |
F1 |
Stable |
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A- |
A2 |
A- |
Stable |
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Banque Saudi Fransi |
A |
F1 |
Stable |
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A- |
A2 |
A+ |
Stable |
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Saudi British Bank |
A |
F1 |
Stable |
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A- |
A2 |
A |
Stable |
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Arab National Bank |
A |
F1 |
Stable |
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A+ |
A1 |
A |
Positive |
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UAE |
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Abu Dhabi Commercial Bank |
- |
- |
- |
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A |
A2 |
A+ |
Stable |
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Emirates Bank International |
AA- |
F1+ |
Stable |
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A |
A2 |
A+ |
Stable |
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National Bank of Abu Dhabi |
AA- |
F1+ |
Stable |
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AA- |
A1+ |
A+ |
Stable |
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National Bank of Dubai |
- |
- |
- |
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A+ |
A1 |
A+ |
Stable |
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Mashreqbank |
A+ |
F1 |
Stable |
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A+ |
A1 |
A+ |
Stable |
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Bahrain |
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Gulf International Bank |
A |
F1 |
Stable |
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A |
A2 |
A- |
Stable |
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Gulf Investment Corporation |
A |
F1 |
Stable |
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- |
- |
- |
- |
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Arab Banking Corporation |
BBB+ |
F2 |
Negative |
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BBB+ |
A-1 |
- |
- |
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Qatar |
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Qatar National Bank |
A+ |
F1 |
Stable |
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AA- |
A1+ |
A+ |
Positive |
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Kuwait |
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National Bank of Kuwait |
A+ |
F1 |
Stable |
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A+ |
A1 |
AA- |
Stable |
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Kuwait Finance House |
A |
F1 |
Stable |
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A |
A2 |
A- |
Stable |
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Oman |
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Bank Muscat |
A- |
F2 |
Stable |
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A- |
A1 |
A- |
Stable |
Rated MENA Oil Projects & Companies (Updated 20 March 2008)
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Company/Project |
Rating Agency |
Rating |
Outlook |
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Qatar Petroleum |
S&P |
AA- |
Stable |
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Qatar Petroleum |
Moody’s |
Aa2 |
Stable |
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Kuwait Projects Company (KIPCO) |
S&P |
BBB+ (long-term) A-2 (short-term) |
Positive |
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Kuwait Projects Company (KIPCO) |
Moody’s |
Baa1/P-2 |
Stable |
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Abu Dhabi National Energy Company (TAQA) |
S&P |
AA-/A-1+ |
Stable |
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Abu Dhabi National Energy Company (TAQA) |
Moody’s |
Aa2 |
Stable |
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ETAP (Tunisian Petroleum Activities Company) |
Fitch |
AA+ (long-term) F1+ (short-term) |
Stable |
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QAFCO (Qatar Fertilizer Company) |
S&P |
A+ |
Stable |
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QAFCO (Qatar Fertilizer Company) |
Moody’s |
Aa2 |
Stable |
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Saudi Electricity Company (SEC) |
Moody’s |
A1 (long-term) A1 (short-term) |
Positive |
Selected Rated MENA Bonds (Updated 20 March 2008)
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Bonds/Notes |
Rating Agency |
Rating |
Outlook |
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Ras Laffan LNG – First Mortgage Bonds |
Moody’s |
Aa2 |
Stable |
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Yam Thetis Senior Secured Notes |
S&P |
BBB- |
Stable |
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Egyptian General Petroleum Export Notes (Preliminary Ratings) |
S&P |
AAA (A-1 and A-2 Notes) BBB (A-3 Notes) |
- |
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Egyptian General Petroleum Export Notes (Provisional Ratings) |
Moody’s |
Aaa (A-1 and a-2 Notes) Baa1 (a-3 Notes) |
- |
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RasGas 2/3 Senior Secured Bonds |
Moody’s |
Aa2 |
Stable |
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RasGas 2/3 Senior Secured Bonds |
S&P |
A |
Stable |
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Qatar Petroleum Upcoming Eurobond |
S&P |
AA- |
Stable |
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Qatar Petroleum Upcoming Eurobond |
Moody’s |
A1 |
Stable |
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Emirates Aluminum Company (EMAL) Senior Secured Bonds |
Moody’s |
A3 |
Stable |
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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.