Fitch Downgrades National Bank of Bahrain, Bank of Bahrain and Kuwait

2020-09-20 - 9:44 p

Bahrain Mirror: Fitch Ratings has downgraded National Bank of Bahrain and Kuwait B.S.C.'s (BBK) Long-Term Issuer Default Rating (IDR) to B+ from BB-. The Outlook is Stable.

Earlier this month, Fitch downgraded Ahli United Bank to BB+ with a stable outlook and downgraded ABC bank to BB+ with a stable outlook.

In August, Fitch Ratings downgraded Bahrain Mumtalakat Holding Company's (Mumtalakat) Long-Term's Issuer Default Ratings (IDRs) to B+ from BB- with stable Outlook. Fitch also downgraded the Oil and Gas Holding Company (nogaholding)'s Long-Term Foreign- and Local-Currency IDRs to B+ from BB-. The outlook is stable.

According to the agency's statement, the rating actions coincides with the reduction of the sovereign rating of the Kingdom of Bahrain on August 14th to B+ with a stable outlook.

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