Credit rating agency Standard & Poor’s (S&P) has revised Bahrain's outlook from negative to stable after the Kingdom successfully emerged from its 2011 crisis.
The ratings agency also affirmed its long- and short-term foreign and local currency sovereign credit ratings on Bahrain at 'BBB/A-2'.
In its review, S&P said the Kingdom has emerged from its 2011 crisis with a more restrained but stable economy, primarily driven by a buoyant hydrocarbon sector and higher public spending.
The ratings agency pointed out that the outlook revision reflects its view of Bahrain's stable growth, the likelihood of no further deterioration in the political environment, the inflow of GCC development funds, and its medium-term assumption of higher oil prices of about $111/barrel.
“Our ratings on Bahrain are supported by the country's strong external and fiscal positions, both of which are underpinned by hydrocarbon resources,” said the S&P in its statement.
Trade Arabia News
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