Rating of Bahrain: Highest Credit Rating of Bahrain
Bahrain achieved highest credit rating in spite of the recent global economic crisis.
Manama, 19 June 2012: The International Islamic Rating Agency (IIRA) has issued a statement yesterday on Bahrain’s economic rating and has affirmed that the Kingdom has achieved its highest long-term rating with the lowest credit risk. The statement assigned Bahrain with a rating of “A-” on both the foreign and local currency scales and has also assigned a short-term rating of a “A-2” on both. On a national scale, the IIRA has assessed Bahrain’s ratings at “AAA/A-1”. The IIRA is the leading credit rating agency for the Islamic Financial Services industry.
Bahrain’s fundamental strengths include a continuously positive current account surplus.
According to an IIRA spokesman “Bahrain’s fundamental strengths include a continuously positive current account surplus. Going forward, change to fee and levy structure as planned, may give limited, though much needed diversification to the country’s revenue base.” The agency added that Bahrain has remained a net creditor in the global market.
The statement went on to note “Bahrain’s economy has remained resilient during the global financial crisis in 2008 and has posted positive real GDP growth throughout this period. Barring any unexpected political or economic development, the country is anticipated to grow at an improved pace in 2012.”
This press release has been issued by the IAA Bahrain. Press & Foreign Media Office – Information Affairs Authority, P. O. Box 253, Isa Town, Kingdom of Bahrain, Tel: (+973) 17 871 807, Fax: (+973) 17 781 400.
Picture Credit: Canadian Mortgage Trends