Mubasher: Ratings agency Standard & Poor's (S&P) announced on Friday downgrading Bahrain's credit rating to 'BB-' from 'BB', but maintained its stable outlook for the country.
The downgrade is due to the collapsing public finances of the GCC country following a sharp drop in revenues from falling oil prices and lower foreign reserves, S&P said.
It added that the stable outlook reflects the financial support Bahrain receives from its GCC neighbour Saudi Arabia.
A recovery in oil prices following the deal agreed and ratified by the Organisation of Petroleum Exporting Countries (OPEC) will reflect positively on Bahrain's finances, the agency said.
Earlier on Saturday, OPEC members ratified the deal to trim production by 1.2 million barrels per day (mpbd) to 32.5 mbpd, starting January 2017.
