S&P stabilizes Bahrain Mumtalakat view

S&P said it changed the outlook for Bahrain Mumtalakat Holding Co. to stable from negative and affirmed the B+ long-term foreign- and local-currency issuer credit ratings on the company.

The outlook revision follows S&P’s similar action on Bahrain on Nov. 26, the agency said.

“We equalize our ratings on Mumtalakat with those on Bahrain because we see an almost certain likelihood that the government of Bahrain would provide timely and sufficient extraordinary support to Mumtalakat in the event of financial distress. This is notwithstanding the government not formally guaranteeing Mumtalakat's financial liabilities,” S&P said in a press release.

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