Moody’s lowers Bahraini banks

Moody's Investors Service said it downgraded to B2 from B1 the long-term local currency deposit ratings of BBK BSC and National Bank of Bahrain BSC.

At the same time, the agency downgraded to B2 from B1 the long-term local currency issuer ratings of Bahrain Islamic Bank BSC and Khaleeji Commercial Bank BSC.

The outlooks remain negative, in line with the negative outlook assigned to Bahrain's B2 issuer rating, Moody’s said.

The agency also downgraded to B3 from B2 the long-term foreign currency deposit ratings of BBK and National Bank of Bahrain and long-term foreign currency issuer ratings of Bahrain Islamic Bank and Khaleeji Commercial Bank, which is the same level as the country ceiling for foreign currency deposits.

Moody's also downgraded the baseline credit assessments of BBK, National Bank of Bahrain and Khaleeji Commercial Bank to b2 from b1 and affirmed the baseline credit assessments of Bahrain Islamic Bank at b2.

The agency said the actions on the Bahraini banks are principally driven by Moody's downgrade of Bahrain's issuer rating to B2 from B1 with a negative outlook.

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