Fitch rates Bahrain Mumtalakat sukuk BB-

Fitch Ratings said it affirmed Bahrain Mumtalakat Holding Co.'s trust certificate issued through Mumtalakat Sukuk Holding Co. at BB- and assigned an expected BB- rating to the potential sukuk to be issued under the program.

The ratings are in line with Bahrain Mumtalakat's long-term issuer default rating and senior unsecured rating.

Mumtalakat Sukuk is an exempted company with limited liability incorporated in the Cayman Islands, which has been established for the sole purpose of issuing the certificates and owned by Bahrain Mumtalakat, Fitch said.

The proceeds will be used for general corporate purposes, the agency said.

The trust certificate issuance program's ratings are driven solely by Bahrain Mumtalakat's issuer default ratings, Fitch said.

The payment obligations of Mumtalakat will be direct, unconditional, unsubordinated and unsecured, the agency said, and shall at all times rank at least equally with all other present and future unsecured and unsubordinated obligations.

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