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Bahrain-Based Ahli United Bank And Arab Bank PLC (Bahrain) Downgraded To 'BBB/A-3' After Sovereign Downgrade; Watch Neg
Standard & Poors, March 2011
Abstract
We lowered our ratings on the Kingdom of Bahrain to 'BBB/A-3' on March 18 and kept them on CreditWatch with negative implications. Simultaneously, we lowered our transfer and convertibility (T&C) assessment on Bahrain to 'BBB'. As a result, we are downgrading Ahli United Bank B.S.C. and the Bahrain branch of Arab Bank PLC to 'BBB/A-3'; both are on CreditWatch with negative implications. The negative implications reflect our view that there is a risk of additional pressure on the credit ratings and T&C assessment on the sovereign, and therefore on the two entities. On March 21, 2011, Standard & Poor's Ratings Services lowered to 'BBB/A-3' from 'A-/A-2' its long- and short-term counterparty ratings on two Bahrain-based banking entities, Ahli United Bank
Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Ahli United Bank B.S.C.,Arab Bank PLC (Bahrain)
Action: CreditWatch Update
Action: Downgraded
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