Wednesday, March 16, 2011

Middle East Troubles: Bahrain Downgraded; Oil Rises

While recent attentio has been focussed on Lybia and Japan, Bahrain's troubles are mounting. Fitch Ratings has juts downgraded Bahrain. As a result, the cost of insuring against default rose to near the highest since July 2009. There are clashes between security forces, aided by Saudi troops, and anti-government protesters..

The yield on Bahrain’s March 2020 5.5 percent bond soared  to a record 6.91 percent yesterday.
Fitch cut its rating to BBB, the second-lowest investment grade, due to "increased political risk" and added that another downgrade is possible.

Oil: Brent crude rose above $110 a barrel in London

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