S&P downgrades BAHRAIN due to rising debt, but upgrades KUWAIT for the same reason

GULF COUNTRIES - Report 25 Nov 2025 by Justin Alexander

S&P took two opposite rating actions on Friday. It downgraded Bahrain to a record low of B, the lowest in the GCC by far. At the same time, it upgraded Kuwait back to its 2021 level of AA-. In 2006, around the time I first visited the Gulf, Bahrain was only one notch below Kuwait (A- vs. A), but now it is 11 notches lower. Ironically, while Bahrain has been downgraded to a record low because of its rising debt, Kuwait's recent expansion in debt is actually the reason for its upgrade.

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