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Fitch lowers Bahrain
Fitch Ratings said it downgraded Bahrain's long-term foreign-currency issuer default rating to B+ from BB.
“The downgrade reflects the combined impact of lower oil prices and the coronavirus pandemic on Bahrain, which is causing marked increases in the budget deficit and government debt, pressure on already low FX reserves and sharp GDP contraction,” Fitch said in a press release.
The state budget deficit is forecasted to widen to 15.5% of GDP in 2020 from 4.6% in 2019 due to lower oil prices, Fitch said. That said, Fitch sees the state budget deficit narrowing to 5.3% of GDP in 2022.
The outlook is stable.
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