S&P downgrades Bahrain to BB-

S&P said it lowered its long-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain to BB- from BB.

The agency also downgraded its long-term foreign currency issuer credit ratings on the Central Bank of Bahrain to BB-, in line with the ratings on the sovereign.

S&P affirmed the B short-term foreign and local currency sovereign credit ratings on Bahrain and its central bank.

The outlook on both Bahrain and its central bank is stable.

S&P said the downgrade reflects its view that the risk of a marked deterioration in external financing conditions has increased amid an ongoing decline in foreign exchange reserves and a recent restatement of external accounts.

These factors paint a more challenging external context than the agency previously assumed.

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