Moody's Investors Service has downgraded the corporate family rating of Dar Al Arkan Real Estate Development Company (Daar) to B1 from Ba3 and the company's probability of default rating (PDR) to B1-PD from Ba3-PD.
Rating agency Standard & Poor's downgraded Saudi Arabia, Brazil Kazakhstan, Bahrain and Oman's credit ratings on Wednesday, in its second mass cut of large oil producers in almost exactly a year.
S&P cited the pres
Emerging markets face another wave of ratings downgrades next year, with the Africa/Middle East region potentially given a 'negative outlook' and Brazil at risk of a cut to junk, Fitch Ratings' top sovereign analyst said in an interv
A downgrade of Saudi Arabia's sovereign debt by Standard and Poor's at the weekend may contribute to a gradual repricing of the Gulf's international bonds to lower levels as they reflect risks created by low oil prices.
A decision by Standard & Poor's to cut Saudi Arabia's credit ratings is unjustified and ignores the strength of the kingdom's economy, the Saudi finance ministry said in a statement on Saturday.
The World Steel Association has downgraded its previous short-range outlook for apparent steel usage on the back of the slowdown in the Chinese market as well as in South America and CIS, the association said.
At its annual meetin
Moody's Investors Service said it has placed four Bahraini banks - National Bank of Bahrain (NBB), BBK, BMI Bank and Bahrain Islamic Bank (BIsB) - on review for possible downgrade of its deposit, issuer and senior debt ratings.
Moody's ratings agency has downgraded by one notch each the long-term debt and deposit ratings of Emirates NBD, Mashreqbank and Commercial Bank of Dubai, while the issuer and long-term debt ratings of a fourth lender Dubai
Fitch Ratings has downgraded Egypt's sovereign credit rating deeper into junk status citing the rising political crisis after the nation's Supreme Constitutional court annulled parliamentary elections.
The rating, cut by one notch
Batelco, the leading telecom service provider in Bahrain, could continue to face stiff competition, resulting in a decline in its domestic revenue, Global Investment House said, downgrading the stock to 'buy' from 'strong buy'.