Jordan rating lowered

Jordan's long-term credit rating has been lowered one level by Standard & Poor's Ratings Services, on weaker fiscal flexibility and the rise in public debt. The kingdom's local currency sovereign credit rating was lowered from 'BBB' to 'BBB-', while the country's foreign currency rating remained unchanged at BB. "Our forecast is that by 2012 the kingdom's gross government debt ratio will be around double that of the 'BB' median. This differential is less pronounced on a net debt measure, but here it also appears to be falling behind its 'BB' rated peers," S&P's credit analyst Luc Marchand said.