S&P affirms Bahrain

Standard & Poor's said it affirmed the long- and short-term local- and foreign-currency sovereign credit ratings on the Kingdom of Bahrain at BBB/A-3.

The ratings were removed from CreditWatch with negative implications, where they were placed on March 18.

The outlook is negative.

S&P said the action reflects the diminished near-term political tensions and expectation that increased public spending will lift economic growth next year, while fiscal implications will be buffered by the GCC support package.

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