Fitch affirms Mumtalakat

Fitch Ratings said it affirmed Bahrain Mumtalakat Holding Co.'s long-term issuer default rating and senior rating at BBB.

Fitch also affirmed Mumtalakat's short-term issuer default rating at F3 and removed all the ratings from Rating Watch negative.

The outlook on the long-term issuer default rating is stable.

Mumtalakat's $750 million of 5% notes due June 30, 2015 were affirmed at BBB.

The affirmation follows the affirmation of Bahrain's sovereign ratings at BBB with stable outlook, the agency said.

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

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