Fitch cuts Mumtalakat, nogaholding

Fitch Ratings said it downgraded Bahrain Mumtalakat Holding Co.’s long-term issuer default ratings to BB- from BB+ and maintained it on rating watch negative.

The agency also downgraded the senior unsecured long-term rating on Mumtalakat Sukuk Holding Co.’s unsecured guaranteed notes to BB- from BB+ and kept it on negative watch.

Fitch also downgraded Oil & Gas Holding Co. (nogaholding)'s long-term foreign- and local-currency issuer default ratings to BB- from BB+.

The outlook is stable, mirroring that on the Bahrain sovereign's.

The long-term ratings on nogaholding's global medium-term note program (senior unsecured) and nogaholding's $1 billion senior unsecured notes due Oct. 25, 2027 were also downgraded to BB- from BB+.

Fitch said the actions follow the March 1 downgrade of the long-term issuer default ratings of Mumtalakat and nogaholding's sponsor, Bahrain, to BB- from BB+.

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