Moody's Investors Service has lowered Bahrain's sovereign credit ratings, and said higher oil prices were needed by the government to balance its budget. The firm also cited the negative outlook on the banking sector. "Published fiscal data imply that the oil price necessary to balance the budget has gradually risen over time," the rating agency said. The kingdom's local and foreign-currency debt ratings were reduced one level to A3 with a stable outlook, Moody's said.