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Fitch upgrades BBK’s ratings

Fitch Ratings has upgraded Bank of Bahrain and Kuwait’s (BBK) long-term issuer default rating (LT IDR) from ‘BBB-‘ to ‘BBB’, with ‘Stable’ outlook, and revised its support rating floor (SRF) to ‘BBB’ from ‘BBB-‘, Gulf Daily News has reported. The subordinated debt rating of BBK was also upgraded by one notch, mirroring the upgrade of the bank’s LT IDR. BBK is 32%-owned by the Bahraini government.