Standard & Poor’s Ratings Services lowered Bahrain’s short- and long-term sovereign credit ratings by two levels, citing increasing political tensions in the Persian Gulf country.
S&P cut Bahrain’s long-term local and foreign currency sovereign credit ratings to BBB, the second-lowest investment grade, and the short-term ratings to A-3, the fourth-lowest. The country may be downgraded further, S&P said.
Bahrainis are gathering in the village of Sitra today to mourn the death of a protester, a day after security forces arrested opposition leaders and accused them of having ties with foreign countries. The government declared a three-month state of emergency on March 15, after troops from Saudi Arabia and other Gulf states arrived to help.
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