Fitch downgrades TAIB bank ratings

* username: rupertbu

Fitch Ratings has downgraded Bahrain-based TAIB Bank's (TAIB's) long-term issuer default rating (IDR) to "B+" from "BB" with the outlook at negative.

Fitch has simultaneously downgraded the individual rating to "D" from "C/D". The short-term IDR was affirmed at "B" and the Support Rating at '5'.

"The downgrades reflect significant problems in the form of two consecutive years of losses from shrinking revenues and high impairment charges, negative net interest income and margins, a contracting balance sheet and the resulting deterioration in the bank's franchise," a statement from Fitch said.