Moody’s Investors Service yesterday placed two Bahraini retail banks under review for possible downgrade, citing the need to reassess government support for the country’s financial sector.
The credit rating agency is reviewing the National Bank of Bahrain’s long-term local currency rating of “A1” and Bank of Bahrain and Kuwait’s (BBK) local and foreign currency ratings of “A2/Prime-1”, as well as its “A2” senior and “A3” subordinated debt ratings.
The announcement came on the same day that Rasheed al Maraj, the Bahraini central bank governor, gave reassurances that there was little impact on the country’s banking system from another two Bahrain-based banks owned by Saudi Arabia’s troubled Saad Group and Ahmad Hamad Al Gosaibi and Brothers.
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