Fitch: Mumtalakat on watch

Fitch Ratings said it placed on Rating Watch negative Bahrain Mumtalakat Holding Co.'s long-term foreign-currency issuer default rating of A, short-term foreign-currency rating of F1 and senior unsecured rating of A.

The watch follows a similar action on Bahrain's sovereign ratings, Fitch said.

The A rating of Mumtalakat's $750 million 5% notes due June 30, 2015 also has been placed on Rating Watch negative. Mumtalakat's F1 short-term foreign-currency rating is not affected.

Mumtalakat's ratings are aligned with the Kingdom of Bahrain's, reflecting their strong relationship, Fitch said. Bahrain was placed on Rating Watch negative due to the recent political unrest and political and economical uncertainties.

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

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