Standard and Poor's revises the outlook of the Kingdom of Bahrain to Stable
Manama, Bahrain - 28 January 2013 - The Central Bank of Bahrain welcomed the revised outlook of the Kingdom by Standard & Poor's from negative to stable. Bahrain’s credit rating remained at ('BBB/A-2').
In revising its outlook, credit rating agency Standard & Poor’s (S&P) recognized Bahrain has emerged from its 2011 crisis with a more restrained but stable economy, primarily driven by a buoyant hydrocarbon sector and higher public spending. In fact, the outlook on the Kingdom reflects S&Ps view of Bahrain’s stable growth, well regulated financial system, and manageable asset quality risks amongst other factors.
Welcoming the announcement, Mr. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain said, "the revision of Bahrain’s outlook by S&P is not only recognition of Bahrain’s sound economic management and financial stability but also a vote of confidence in the Kingdom’s economic reform programme, and ability to withstand different shocks."
"Our ambition to be a dynamic, competitive, well-diversified economy for the post-oil era continues, and encouraging the growth and diversification of the financial sector is a major pillar in that strategy," said Mr. Al Maraj.