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Bahrain-Based Arab Banking Corp Downgraded To 'BBB-/A-3' And Kept On Watch Neg On Uncertainties In Libya And Bahrain
Standard & Poors, March 2011
Abstract
We lowered the ratings on Libya--Arab Banking Corp. B.S.C. (ABC)'s controlling shareholder--to 'BB/B' from 'BBB+/A-2' and subsequently suspended them on March 10, 2011. We lowered the ratings on Bahrain, where ABC is based, to 'BBB/A-3' from 'A-/A-2' on March 18, 2011. The ratings remain on CreditWatch with negative implications. We are consequently lowering the long- and short-term counterparty credit ratings on ABC to 'BBB-/A-3' from 'BBB/A-2', and maintaining them on CreditWatch with negative implications. The CreditWatch status reflects our view that the uncertainties surrounding Libya and Bahrain may further weaken the business and financial profile of ABC. PARIS (Standard & Poor's) March 21, 2011--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term counterparty credit
Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Arab Banking Corp. B.S.C.
Action: Downgraded
Action: Outlook: Negative
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