Fitch Ratings affirmed Bahrain's Long-term foreign and local currency Issuer Default Ratings at 'A' and 'A+' respectively. The Outlook on the Long-term IDR remained stable. The rating agency also affirmed short-term foreign currency IDR at 'F1' and Country Ceiling at 'A+'.
Purvi Harlalka, Associate Director in Fitch's Sovereign group said, "Although growth has slowed and the budget has moved into large deficit, government and external debt ratios will remain better than rated peers. Domestic banks' exposure to the property sector will continue to exert pressure on asset quality, but Fitch believes further deterioration can be absorbed with capital ratios remaining adequate, supporting the Stable Outlook."
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