Fitch affirms nogaholding

Fitch said it affirmed the Oil and Gas Holding Co.’s (nogaholding) long-term foreign- and local-currency issuer default ratings and senior unsecured rating at BB- and short-term IDR at B. The outlook is stable.

The ratings on nogaholding's $3 billion GMTN program and nogaholding's senior unsecured bonds have also been affirmed at BB-.

Fitch classifies nogaholding as a government-related entity of Bahrain under its GRE rating criteria and believes that extraordinary support from Bahrain (BB-/stable/B) would be forthcoming, in case of need.

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