Bahrain hit by further downgrade
Issue 1018
- 01 Jul 2016
| 1 minute read
Bahrain has suffered yet another ratings downgrade, with Fitch Ratings cutting its credit score by one notch, from BBB- to BB+, on 28 June. Citing the country’s weak fiscal position due to low oil prices, the agency said there was no “clear path towards reaching a more sustainable position”. It thinks general government debt will reach 80% this year, while debt servicing will take up 41% of the state budget in 2016 and 55% in 2017. Alongside fiscal woes, continuing protests and the renewed political clampdown add to problems facing the economy.
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