Fitch cuts Bahrain Mumtalakat

Fitch Ratings said it downgraded Bahrain Mumtalakat Holding Co.'s long-term issuer default rating and senior unsecured rating to A- from A.

The agency also said it affirmed its short-term issuer default rating at F1 and removed all the ratings from Rating Watch negative.

The outlook is negative.

The action also affects Mumtalakat's $750 million 5% notes due June 30, 2015, which were downgraded to A- from A, the agency said.

The downgrades follow a similar action on Bahrain's sovereign ratings, reflecting their strong relationship Fitch said.

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