Bahrain Mirror: The Central Bank of Bahrain (CBB) said it had approached credit rating agencies to improve Bahrain's credit status in light of the country's biggest oil discovery.

CBB Governor Rasheed Al-Maraj said the bank had contacted all the international credit rating agencies regarding the new oil discovery in Bahrain.

"The central bank is now monitoring the reaction from these agencies," he said in a statement to a local newspaper. "This discovery is likely to positively contribute to Bahrain's financial situation."

"It is logical that this oil discovery would reinforce Bahrain's status in the international debt market and reduce the costs of these debts," Al-Maraj said. "The Central Bank of Bahrain also contacted the International Monetary Fund and important investment parties from around the world in this regard."

On Thursday (March 1, 2018), the credit rating agency Fitch Ratings lowered Bahrain's credit rating to "-BB" with a "stable" outlook.

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