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'.
Standard & Poor's has cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector.
Moody's Investors Service has downgraded the long-term foreign and domestic currency issuer ratings of Dubai-based bank Shuaa Capital by one notch to B1 from Ba3 and assigned negative outlook to the ratings.
The non prime short-term rating
Moody's has cut Bahrain Islamic Bank's (BisB) supported issuer ratings to Ba3 / Not Prime from Ba1 / Not Prime following the rating agency's review for downgrade initiated in June last year.
In addition, Moody's has set the