Bahrain Gets First S&P Downgrade Since 2017 as Debt Woes Persist

S&P Global Ratings downgraded Bahrain for the first time since 2017 as the Gulf country’s fiscal position deteriorates and debt levels rise.

The sovereign credit rating was cut one level further into junk to B from B+ on Friday, with S&P analysts citing the small island nation’s fiscal struggles along with elevated indebtedness as the main catalysts behind the downgrade. It now shares similar ratings to Egypt and Kenya.