The Associated Press February 21, 2011, 7:03AM ET

S&P cuts Bahrain's credit ratings amid unrest

An international rating agency is cutting the Bahrain government's credit ratings because of concerns about political unrest in the small Persian Gulf kingdom.

Standard & Poor's cut the ratings Monday for Bahrain's long and short-term sovereign credit ratings, as well as those for the island nation's central bank and the country's sovereign wealth fund.

All the ratings remain investment grade, but carry negative outlooks, suggesting further downgrades are possible.

S&P says the cuts reflect its "reappraisal of political risks in Bahrain."

Tensions remain high in Bahrain after seesaw battles that saw riot police open fire on protesters trying to reclaim landmark Pearl Square last week.

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