Bahrain does not deserve a rating downgrade | GulfNews.com:
"It can be argued that the credit rating agency Standard & Poor’s has been unfair with Bahrain by downgrading it two notches to BB. This translates into making fresh debt instruments issued by the government below the recommended investment level, and tantamount to junk bonds.
This is the worst ranking for any Gulf Cooperation Council (GCC) country. The same rating agency grants Abu Dhabi, Qatar and Kuwait with the AA.
The new rating forced Bahrain authorities to reconsider the offer to issue bonds worth $750 million. People familiar with the issue suggest that it was originally oversubscribed. Officials felt the need to reprice the offer at a higher interest rate."
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