Fitch affirms Bahrain's ratings
The credit rating firm Fitch Ratings has affirmed Bahrain's credit ratings. These ratings were 'BBB' for its long-term foreign currency Issuer Default Rating (IDR) and 'BBB+' local currency IDR.
In addition, Fitch said that Bahrain has a Stable Outlook. This outlook reflected the balance between upside and downside risks.
Fitch has also affirmed the country's ceiling at 'BBB+'. Meanwhile, its short-term currency IDR was at 'F3'.
According to Fitch, the affirmation was reflective of the positive steps that the Bahrain has taken. These steps included resolving its domestic political situation and restarting the National Dialogue.
Growth has picked up to 3.4% in 2012 from 1.9pc in 2011. With oil production back to normal, Fitch expected that this value would grow and strengthen to 5.5pc this year.
In addition, support from non-oil growth would put this value at 3.5pc. These non-oil factors included recovery in tourism, capital spending, and investment in manufacturing.