Middle East Economic Survey

VOL. LIII

No 12

22-March-2010

JORDAN

S&P Downgrades Jordan Local Currency Rating

Standard & Poors Ratings Services (S&P) has downgraded Jordans long term local currency sovereign credit rating to BBB- with a stable outlook from BBB, due to rising government debt and weaker fiscal flexibility, it said on 12 March. Foreign currency ratings of BB/B were affirmed, as was the local currency short-term rating of A-3. Jordans fiscal deficit widened in 2009 to 7.8%...