Global Arab Network | Fitch Removes Bahrain-based Mumtalakat from Rating Watch Negative

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Fitch Removes Bahrain-based Mumtalakat from Rating Watch Negative

Global Arab Network - - Asif Khalifa

Wednesday, 03 August 2011 15:19

http://www.english.globalarabnetwork.com/images/stories/2010/Nov/Bahrain_Financial_Exchange.jpg

Global Arab Network - Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company's (Mumtalakat) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. Fitch has also affirmed Mumtalakat's Short-term IDR at 'F3' and removed all the ratings from Rating Watch Negative (RWN). The Outlook on the Long-term IDR is Stable. The rating action also affects Mumtalakat's USD750m 5% notes, due 30 June 2015, which have also been affirmed at 'BBB', Global Arab Network reports according to a press statement.

The affirmation follows the agency's rating action on Bahrain's sovereign ratings. In line with Fitch's "Parent and Subsidiary Rating Linkage" methodology, Mumtalakat's ratings are aligned with the Kingdom of Bahrain's ('BBB'/Stable/'F3'), reflecting their strong relationship.

Mumtalakat is 100%-owned by the government of Bahrain and is the government's investment arm. It was established as an independent holding company for the government's non-oil and gas assets in June 2006. Mumtalakat is an active investor in diverse business and industry sectors in over 35 commercial enterprises, nationally and internationally. Bahrain is in the process of diversifying its economy away from the hydrocarbon sector towards the production of high value-added goods and services and Mumtalakat was established by the government to help drive this transformation.

Global Arab Network

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