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Bond Market News
Bahrain Downgraded to B by S&P
November 24, 2025
Bahrain was downgraded by a notch to B from B+ by S&P. The downgrade reflects mounting risks from high government debt, widening fiscal deficits, and persistent external pressures. S&P expects the fiscal deficit to widen to 7.6% of GDP in 2025 as oil revenues weaken, financing costs rise, and social spending remains high. Including off-budget expenditures, net debt is projected to climb sharply to 139% of GDP by 2028, with interest costs reaching upto 34% of government revenue. Bahrain remains heavily exposed to oil price volatility, with hydrocarbons still accounting for over half of government revenue and exports as per S&P. The country maintains access to international markets, though foreign reserves remain low at $3.5–4bn and external financing needs are large.
Bahrain bonds were stable, for instance its 5.45% 2032s traded at 96.9, yielding 6%.
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