No. 22



Capital Intelligence Downgrades Bahrains BMB

Ratings agency Capital Intelligence (CI) announced on 22 May that it had downgraded the foreign currency ratings of Bahraini offshore bank BMB Investment Bank to BB long-term and B short-term. In a statement, CI said that the outlook for the bank was negative since conditions remained very tough and results for 2001 were likely to be weak.

BMB recorded a loss of $57mn in 2000 due primarily to its exposure to...