S&P reviewing ratings of 50 MENA banks on new criteria

Standard & Poor's (S&P) is inspecting again the credit ratings on 50 banks in the Middle East and North Africa under a new set of criteria, a move that could arise in higher funding costs for lenders already hit by the euro zone crisis and the Arab Spring revolts.
The agency reduced its ratings on 15 big global banks last month, mostly in the Europe and the US, because of the revamp of its ratings criteria.
JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Goldman Sachs, Barclays Plc and HSBC Holdings Plc were among the banks that had their ratings cut by one notch each.