S&P downgrades Bahrain

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

The agency also lowered the long-term foreign currency issuer credit ratings on the Central Bank of Bahrain to B+, 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 Central Bank.

The outlook is stable.

The agency also lowered the transfer and convertibility assessment on Bahrain to BB- from BB.

“The downgrade reflects our view of the risks related to the low levels and heightened volatility of international reserves at the central bank, should Bahrain experience a sharp deterioration in its access to external liquidity,” S&P said in a news release.

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