S&P downgrades Bahrain

Standard & Poor’s said it lowered its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain to BBB-/A-3 from BBB/A-2.

At the same time, S&P lowered its long- and short-term foreign and local currency credit ratings on the Central Bank of Bahrain to BBB-/A-3 from BBB/A-2.

The outlooks on both Bahrain and its central bank remain negative.

Prices for crude oil in spot and futures markets have dropped more than 50% since June 2014, leading S&P to revise down its oil price assumptions significantly over 2015-2018.

When S&P reviewed Bahrain in December 2014, the agency expected Brent oil prices to average $80 per barrel (/bbl) in 2015 and $83/bbl in 2015-2018. S&P now assumes an average Brent oil price of $55/bbl in 2015 and $70/bbl in 2015-2018.

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