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Viewing cable 07MANAMA815, FITCH UPGRADES BAHRAIN'S SOVEREIGN CREDIT RATING

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Reference ID Created Released Classification Origin
07MANAMA815 2007-08-27 11:07 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Manama
VZCZCXRO1026
PP RUEHDE RUEHDIR
DE RUEHMK #0815 2391107
ZNR UUUUU ZZH
P 271107Z AUG 07
FM AMEMBASSY MANAMA
TO RUEHC/SECSTATE WASHDC PRIORITY 7182
INFO RUEHEG/AMEMBASSY CAIRO PRIORITY 0970
RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE PRIORITY
RUCPDOC/USDOC WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
UNCLAS MANAMA 000815 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
CAIRO FOR SEVERENS 
COMMERCE FOR 4520/ITA/MAC/ONE/HOFFMAN 
TREASURY FOR ROSE 
 
E.O. 12958: N/A 
TAGS: ECON EFIN ETRD ECTRD BA
SUBJECT: FITCH UPGRADES BAHRAIN'S SOVEREIGN CREDIT RATING 
 
1. (U) International financial ratings agency Fitch August 24 
upgraded its sovereign credit rating for Bahrain from 
"A-" to "A," with a stable outlook.  "Improvements in 
domestic and external solvency ratios, continued strong-non 
oil growth and advances in economic and political reform 
explain the rating upgrade," said Fitch Middle East and 
Africa Sovereign Team Associate Director Charles Seville.  In 
announcing the upgrade, Fitch noted that Bahrain enjoyed GDP 
growth of 7.1 percent in 2006, driven mainly by the services 
sector in general and financial services in particular.  The 
Fitch statement said the GOB had capitalized on "benign 
external conditions to pursue structural and labor reforms" 
and said the emergence of an opposition bloc in the national 
assembly was a positive development for the political 
climate.  The Fitch upgrade follows Standard and Poor's July 
26 affirmation of an "A" long-term and an "A-1" short-term 
sovereign credit rating for Bahrain on the basis of strong 
financials. 
 
2. (SBU) Acknowledging the Fitch announcement, Central Bank 
of Bahrain Governor Rashid Al Miraj said August 26 in the 
Gulf Daily News, "While higher oil prices have helped, 
Bahrain's economic buoyancy is due as much to the deep 
economic and structural reforms being implemented."  (Note: 
Bahrain's financial services sector now accounts for roughly 
28 percent of GDP, more than double the 12 percent share 
contributed by oil.  However, increased liquidity resulting 
from high oil prices has been an undeniable spur to the 
growth of the financial sector.  Petroleum processing profits 
of largely state-owned firms account for more than 70 percent 
of government revenues.  End Note.) 
 
********************************************* ******** 
Visit Embassy Manama's Classified Website: 
http://www.state.sgov.gov/p/nea/manama/ 
********************************************* ******** 
HENZEL