Moody's Investors Service downgraded the long-term deposit ratings of three Bahraini banks on Monday.
The rating of BBK B.S.C. was cut to to Baa2 from A3, while those of BMI Bank B.S.C. was lowered to Ba1 from Baa3. The agency also downgraded the ratings of the National Bank of Bahrain B.S.C. to Baa1 from A3. The outlook on all of these ratings is negative, Moody's said.
The latest move comes after Moody's downgraded on May 26 Bahrain's government bond rating by one notch to Baa1 and assigned a negative outlook.
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