Fitch downgrades BBK to BB-

Fitch Ratings said it downgraded BBK BSC's long-term issuer default rating to BB- from BB+.

The outlook is stable.

The agency also downgraded BBK's viability rating to bb- from bb+ and revised the support rating floor to BB- from BB+. The stable outlook mirrors that on the sovereign.

The actions follow the March 1 downgrade of the Bahraini sovereign rating to BB-.

Fitch said the issuer default rating are driven by BBK’s viability rating and underpinned by potential sovereign support. The downgrade reflects increased pressure on the bank's viability rating from the weakened operating environment.

At the same time, Bahrain's ability to support the bank has also weakened, as indicated by the downgrade of the sovereign rating, the agency explained.

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