S&P Global Ratings on Friday revised Bahrain’s outlook to ‘negative’ from ‘stable’, citing the country’s pace and ability to service its finances and external debt. The oil-producing Gulf state’s economy contracted by 5.4% last year, the International Monetary Fund estimated, as the pandemic hurt vital sectors such as energy and tourism. “The tentative pace of fiscal reform is insufficient to stabilize Bahrain’s debt to GDP over the next few years, despite higher oil prices compared with 2020”, the rating agency said in a statement https://bit.ly/3ur9577.
