Fitch downgrades Batelco, Mumtalakat

Fitch Ratings said it downgraded the long-term issuer default ratings of Bahrain Telecommunications Co. (Batelco) and Bahrain Mumtalakat Holding Co. (Mumtalakat) to BB+ from BBB-.

The outlook is stable.

The downgrades follow the downgrade of Bahrain’s long-term foreign-currency issuer default rating to BB+ from BBB- and long-term local-currency issuer default rating to BB+ from BBB.

The outlook is stable.

The country ceiling of Bahrain also was affirmed at BBB+ and its short-term foreign-currency issuer default rating was downgraded to B from F3.

Both Batelco and Mumtalakat are government-linked entities and their ratings are constrained by and equalized with Bahrain’s rating, Fitch said.

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