MANAMA: Standards and Poor’s Global Ratings, which affirmed its ‘BB/B’ long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain, said the country remains in a strong external asset position.
In response to the sharp fall in government revenues, Bahrain’s authorities have implemented numerous fiscal measures to increase revenues and limit expenditure growth, says Standards and Poor’s.
Bahrain’s external data, it maintains, has been subject to significant revisions, but the country remains in a strong external asset position.
Standards and Poor’s says stable outlook reflects its expectation that Bahrain’s modest economic growth will offset ongoing fiscal and external pressures over the coming 12 months.
Standards and Poor’s also affirmed our ‘BB/B’ long- and short-term foreign and local currency issuer credit ratings on the Central Bank of Bahrain, in line with our ratings
on the sovereign.
The outlook on both Bahrain and its central bank is stable.