Moody’s keeps Bahraini banking system negative

Moody's Investors Service said it maintained its negative outlook on Bahrain's banking system, reflecting its expectation that operating conditions for the country's banks will continue to deteriorate over the next 12 to 18 months.

"We expect low oil prices and reduced government spending to weigh on Bahraini banks," Moody’s assistant vice president, analyst Christos Theofilou said in a news release.

"However, this will likely be partly mitigated by the non-oil economy's diversity and a Gulf Cooperation Council (GCC)-funded economic support package."

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