Mubasher: Bahrain Telecommunications Company (Batelco) confirmed that Standard & Poor's downgraded its long-term credit rating from (BB +) to (BB), with a stable outlook.
The company's credit rating downgrade followed a sovereign rating downgrade for Bahrain from (BBB-) to (BB) on 17 February, according Batelco’s statement posted on Bahrain Bourse on Tuesday
S&P attributed the kingdom’s downgrade to the negative impact of oil prices decline on the GCC financial indicators.
In December, Fitch Ratings downgraded the telecom operator outlook to negative and affirmed its credit rating at "BBB-".
