S&P lifts Mumtalakat view to stable

Standard & Poor's said it affirmed its long- and short-term local and foreign currency issuer credit ratings on Bahrain Mumtalakat Holding Co. at BBB/A-2 and revised the outlook to stable from negative.

S&P said it equalized the ratings on Mumtalakat with those on Bahrain because the agency believes that there is an "almost certain" likelihood that the Bahraini government would provide timely and sufficient extraordinary support to Mumtalakat in the event of financial distress, though S&P notes that the government does not formally guarantee Mumtalakat's financial liabilities.

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