Fitch affirms Mumtalakat

Fitch Ratings said it affirmed Bahrain Mumtalakat Holding Co.'s (Mumtalakat) long-term issuer default rating and senior unsecured rating at BBB, along with its short-term issuer default rating at F3 and the BBB rating on its $750 million 5% notes due June 30, 2015.

The outlook is stable.

The agency said it continues to apply its parent and subsidiary rating linkage methodology as it believes that a strong relationship exists between the company and the Kingdom of Bahrain.

Mumtalakat is 100%-owned by the Bahrain and is the government-investment arm, the agency said.

However, the ratings that factor in implicit state support will always be subject to the very real event risk of changes in political approach by the sovereign, Fitch added.

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