Moody's downgrades Bahrain Islamic Bank to Baa2/P-3/D
The downgrade of the BFSR and issuer ratings of Bahrain Islamic Bank reflects
- the difficult market conditions in which Bahraini banks continue to operate;
- the bank's deteriorated asset quality and heightened provisioning needs;
- Bahrain Islamic Bank's weak financial performance stemming from the cost of concentration risks materialising in heavy losses for two consecutive years;
- uncertainties over the bank's ultimate shareholding structure.
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