S&P turns Mumtalakat view to positive

S&P said it changed its outlook for Bahrain Mumtalakat Holding Co. to positive from stable and affirmed its B+ ratings on the company and its senior unsecured notes.

The outlook change follows a similar action on Bahrain’s outlook, 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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