Fitch: Bahrain Mumtalakat’s Long-Term IDR Affirmed at BB- with a Stable Outlook

Bahrain Mumtalakat’s (BM) long-term Issuer Default Rating (IDR) and senior unsecured ratings have been affirmed at BB- by Fitch Ratings (Fitch), with the Outlook on the IDR at Stable. BM is the Government of Bahrain’s investment arm, being one of two of the Kingdom of Bahrain’s sovereign wealth funds.

As BM is a 100%-owned limited liability company of the Kingdom of Bahrain (rated at BB-/Stable), Fitch equates BM’s ratings with those of the country, regardless of BM’s stand-alone credit profile. Fitch is of the view that there is a strong likelihood that the Government would take over all of BM’s liabilities to prevent a default. Although BM’s debt is not guaranteed by the Gover...