S&P Global Ratings revises Bahrain’s outlook from negative to stable

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

S&P Global Ratings revised Bahrain’s outlook to stable from negative, as the Kingdom undertakes fiscal reforms to strengthen its economy.

Higher oil prices as well as support from GCC member states are also expected to help the country improve its fiscal position.

The rating agency affirmed Bahrain’s ‘B+/B’ long and short-term foreign and local currency sovereign credit ratings, it said in a statement.

“The stable outlook indicates we expect the government to implement measures to reduce the budget deficit and benefit from support from other GCC sovereigns if needed, in addition to the direct financial support already pledged,” S&P said on Saturday.

Last month, Bahrain rolled out an economic plan that seeks to invest nearly $30 billion in strategic projects to fuel post-coronavirus growth.