{"id":17721,"date":"2013-08-08T08:50:13","date_gmt":"2013-08-08T14:50:13","guid":{"rendered":"http:\/\/www.crookedbough.com\/?p=17721"},"modified":"2013-08-08T08:50:13","modified_gmt":"2013-08-08T14:50:13","slug":"under-slow-bleed-of-unreformed-rights-abusing-tyranny-bahrain-bank-moved-to-junk-status-by-sp","status":"publish","type":"post","link":"https:\/\/www.crookedbough.com\/?p=17721","title":{"rendered":"Under slow bleed of unreformed rights abusing tyranny – Bahrain Bank moved to “Junk Status” by S&P"},"content":{"rendered":"

S&P downgrades Bahrain’s Al Baraka Bank to junk status<\/strong>
\nby Abhinav Ramnarayan – 8 August, 2013 – Reuters<\/p>\n

LONDON, Aug 8 (IFR) – Bahraini lender Al Baraka has been downgraded to junk status by Standard & Poor’s, the only credit rating agency that rates the bank.<\/p>\n

The Islamic lender’s rating was reduced from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, S&P said in a statement.<\/p>\n

The move follows the ratings firm’s review of the sovereign credit-worthiness of some of the countries where Al Baraka operates, particularly Egypt and Jordan.<\/p>\n

“We expect the operating environment and credit conditions in the MENA region, especially Jordan and Egypt, to remain tough over the coming 12-18 months. Consequently, we foresee an adverse impact on (Al Baraka’s) business and financial profiles,” S&P said.<\/p>\n

The negative outlook reflects S&P’s view that the lender’s capitalisation could deteriorate if, for instance, Egypt defaults and economic conditions worsen in Jordan.<\/p>\n

This is the first time that Al Baraka has been downgraded since S&P first gave it a rating of BBB- in 2007.<\/p>\n

Earlier this week, the lender said that net income for the second quarter of 2013 rose 11 percent from a year ago to $42 million. …source<\/a><\/p>\n

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S&P downgrades Bahrain’s Al Baraka Bank to junk status by Abhinav Ramnarayan – 8 August, 2013 – Reuters LONDON, Aug 8 (IFR) – Bahraini lender Al Baraka has been downgraded to junk status by Standard & Poor’s, the only credit rating agency that rates the bank. The Islamic lender’s rating was reduced from BBB- to more \u00bb<\/a><\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[247],"tags":[708],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/17721"}],"collection":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17721"}],"version-history":[{"count":2,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/17721\/revisions"}],"predecessor-version":[{"id":17723,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/17721\/revisions\/17723"}],"wp:attachment":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}