| Fitch Ratings has revised the Outlook on Bahrain Mumtalakat Holding Co's (Mumtalakat) Long-term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR and senior unsecured rating at 'BBB' . Fitch has also affirmed Mumtalakat's Short-term IDR at 'F3'.
The rating action also affects Mumtalakat's USD750m 5% notes, due 30 June 2015, MYR300m notes due 2017,Sukuk certificates issued under Mumtalakat Sukuk Holding Company, and the EMTN programme of the issuer. The revision of the Outlook follows the rating action on Bahrain's sovereign ratings (see 'Fitch Revises Bahrain's Outlook to Negative; Affirms at 'BBB' dated 19 December 2014. In line with Fitch's "Parent and Subsidiary Rating Linkage" methodology, Mumtalakat's ratings are aligned with the Kingdom of Bahrain's (BBB/Negative/F3), reflecting their strong relationship...............................................Full Article: Source
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