S&P Global Ratings has lowered Bahrain’s Al Baraka Banking Group’s long-term rating to BB from BB+, with a stable outlook.
“The rating reflects the agency's view that the Bahrain-based group's capitalization is now a perceived ratings weakness, owing to increased risks stemming from its large presence and operations in Turkey,” S&P said in a statement.
“The stable outlook on Al Baraka Banking Group's long-term rating reflects S&P's expectations that the lender's financial profile will continue to be broadly stable in the next 12 months,” the statement added.
The Bahraini Islamic lender’s short-term rating was affirmed at B. The group has operations in in the Middle East, Asia and Africa.
(Writing by Gerard Aoun; editing by Seban Scaria)
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