Fitch cuts two Bahraini companies

Fitch Ratings said it downgraded Bahrain Mumtalakat Holding Co.'s long-term issuer default rating to B+ from BB- with a stable outlook. The long-term rating on Mumtalakat Sukuk Holding Co.'s senior unsecured guaranteed notes has also been downgraded to B+ from BB-.

Fitch downgraded the Oil and Gas Holding Co.’s. (nogaholding) long-term foreign- and local-currency IDRs to B+ from BB-. The outlook is stable.

The downgrades reflect the recent downgrade of Bahrain’s sovereign rating and the stable outlooks mirror that on the Bahrain sovereign, Fitch said.

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