Fitch changes Mumtalakat outlook to negative

Fitch Ratings said it revised the outlook on Bahrain Mumtalakat Holding Co.'s long-term issuer default rating to negative from stable and affirmed the issuer default rating and senior unsecured rating at BBB.

The agency also affirmed Mumtalakat's short-term issuer default rating at F3.

The action also affects Mumtalakat's $750 million 5% notes due June 30, 2015, 300 million Malaysian Ringgit notes due 2017, Sukuk certificates issued under Mumtalakat Sukuk Holding Co. and the euro medium-term note program of the issuer.

Fitch said the outlook revision follows the 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/negative/F3), reflecting their strong relationship.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.