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Meanwhile Bahrain rated B2/B+/B+ has also engaged with banks for the sale of international debt in the second half of the year according to Zawya. The sovereign had last tapped the offshore bond markets in January when it raised $2bn. Moody’s had lowered the country’s outlook to negative on April 29 this year based on “a larger than earlier expected weakening in fiscal metrics and ongoing uncertainty around the timing and the size of the augmentation of the financial support package for Bahrain from the fellow Gulf Cooperation Council (GCC) sovereigns.” S&P had followed suit on May 28 and lowered the outlook to negative from stable based on increasing risks to the government’s ability to service external debt. The rating agency had said, “Relatively high oil prices should support the fiscal position this year, but deficits will nevertheless remain elevated, adding to already-high debt and debt-servicing burdens.”