Moody's lifts National Bank of Bahrain, BBK

Moody's Investors Service said it upgraded the foreign-currency deposit rating of both National Bank of Bahrain and BBK to A2/Prime-1 from A3/Prime-2 and BBK's $1 billion medium-term deposit note program and the $500 million medium-term deposit note to A2.

The rating action follows Moody's upgrade of Bahrain's foreign-currency deposit ceiling to A2/Prime-1 from A3/Prime-2 to reflect the improvements in the country's public and external finances, the agency said.

The outlook is stable.

Following the upgrades, National Bank of Bahrain's long-term foreign-currency deposit rating remains constrained by the A2 long-term foreign-currency deposit ceiling for Bahrain given the bank's long-term local-currency deposit rating is A1, Moody's said.

BBK's foreign currency deposit rating is now unconstrained by the A2 long-term foreign-currency deposit ceiling for Bahrain given the bank's long-term local-currency deposit rating is also at the A2 level, the agency said.

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