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Fresh cuts in the debt ratings of Bahrain and Oman underline a growing gap between the weakest Gulf Arab economies and the others – a gap which may not yet be fully reflected in market prices. Moody's downgraded Bahrain by two notches Friday to B1, four notches below investment grade. All three major agencies rate Bahrain junk; Moody's is one notch below Standard & Poor's and three below Fitch. All three agencies kept negative outlooks for Bahrain and Oman.Bahrain and Oman have not been as convincing. Partly because of parliamentary opposition to austerity, Bahrain projects a 2017 deficit of 1.3 billion dinars ($3.4 billion) and 1.2 billion dinars the next year, little changed from 1.5 billion dinars in 2016 .
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