Fitch downgrades Bahrain rating

AP , Thursday 3 Mar 2011

Credit rater drops Gulf state a notch amid instability

Fitch Ratings has cut Bahrain's credit grade by one notch, citing risks of a drawn-out political standoff and its impact on economic growth and public finances.

Fitch said in a report Thursday that "a substantial worsening in the security situation and/or protracted delays in the political reform process" would prompt a further downgrade.

Bahrain has seen weeks of protests, which have left seven dead, as Shiite opposition groups seek to loosen the Sunni monarchy's grip on power.

The agency lowered Bahrain's government debt rating to A- from A.

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