| Fitch Ratings has assigned Bahrain Mumtalakat Holding Company 's (BBB/Stable) upcoming trust certificate programme (Sukuk) and euro medium term note programme (EMTN) a 'BBB(EXP)' expected rating. The rating is in line with Mumtalakat 's Long-term Issuer Default Rating (IDR) and senior unsecured rating.
The final rating is contingent upon the receipt of final documentation conforming materially to information already received and details regarding the Sukuk and bond programme amount. Fitch understands that the proceeds will predominantly be used to refinance upcoming maturities, in particular those in 2015 (BHD283m). Moreover, Fitch understands that there is no material secured debt within the group other than at Gulf Air (BHD97m)...............................................Full Article: Source
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