Bahrain’s Improved Credit Rating supports the budget and attracts investors: BAB

Bahrain’s Improved Credit Rating supports the budget and attracts investors: BAB

The Bahrain Association of Banks (BAB) said that Standard & Poor’s revised Bahrain’s outlook from stable to positive, boosting the Kingdom’s financial reputation and lowering the cost of public debt while also increasing investor confidence in the attractive environment for the national economy. The association predicted that the rest of the international credit rating agencies would follow suit in the near future.

The financial sector and banks in Bahrain reacted positively to the news of the Kingdom of Bahrain’s credit rating improvement, according to Mr Adnan Yousif, Chairman of BAB, especially since this improvement will soon be reflected in the classification of financial and banking institutions themselves.

“With the increase in oil prices, the success of the fiscal balance program, and the resumption of economic growth, particularly in the non-oil sectors, all signs unequivocally show that the financial and economic conditions in the Kingdom of Bahrain are beginning to improve. The credit situation and domestic liquidity both benefit from all of this.” Mr Adnan said.

Mr Adnan added that the increase in Bahrain’s credit rating also highlights the significance of the substantial economic reforms that the esteemed government has been implementing lately, which have produced fruitful outcomes despite the challenging economic circumstances that