Fitch might downgrade BBK

Fitch Ratings said it placed BBK's A- long-term issuer default rating, F2 short-term issuer default rating, A- senior debt and BBB+ subordinated debt on Rating Watch negative.

This follows the placement of Bahrain's sovereign ratings on Rating Watch negative. Fitch said the intensification of unrest has created economic and political uncertainties, which increase the risks to the sovereign's credit profile.

The agency said BBK's issuer default ratings reflect expected support, in case of need. Fitch believes there is an extremely high probability that BBK would receive support from the Bahraini authorities if needed given its importance to the Bahraini banking system and its 32% ownership by the Bahraini government.

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