"We rate eight of the 13 MENA sovereigns in the 'BBB' rating category or above. The average MENA sovereign rating is closer to 'BBB' than 'BBB-', but has been trending downward. When weighted by GDP, the average moves closer to 'BBB+'," said S&P Global Ratings sovereign credit analyst Trevor Cullinan. Since S&P’s regional publication in July 2016, Bahrain’s rating was lowered to 'BB-' from 'BB'. Available data for 2016 shows a weakening trend in GCC economic activity, reflecting the impact of low oil prices and the resulting fiscal consolidation and reduced banking sector liquidity.
Source:   The North Africa Journal
January 10, 2017 12:49 UTC