Oct 01 2012
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Fitch Assigns Bahrain Mumtalakat Holding Company B.S.C. Sukuk Murabahah Programme 'BBB' Rating
Fitch Ratings has assigned Bahrain Mumtalakat Holding Company B.S.C.'s ('BBB'/Stable/'F3') MYR3bn Sukuk Murabahah Programme a ' BBB' rating. The final rating is the same as the expected rating reflecting the completion of the issuance and receipt of final documents conforming to the information previously received by Fitch.
The Sukuk Murabahah Programme's rating is in line with Mumtalakat 's Long-term Issuer Default Rating (IDR) and senior unsecured rating. Mumtalakat is wholly-owned by the Government of Bahrain and was created to act as an independent holding company for the Government of Bahrain's stakes in strategic non-oil and gas assets of the Kingdom of Bahrain.
According to the terms outlining the transaction's structure, Mumtalakat will issue MYR-denominated sukuk (Islamic bonds) of up to MYR3bn (aggregate outstanding) or its equivalent in foreign currency which it will use for its Shariah-compliant general corporate purposes as source of capital and as part of its strategy for refinancing existing debt maturities in the coming years.
In accordance with its criteria, by assigning a rating to the Programme, Fitch is not expressing an opinion as to whether the Programme and/or any sukuk issuance under the Programme are compliant with Shariah principles.
+44 20 3530 129
Fitch France S.A.S.
60, rue de Monceau
+90 212 279 10 11
+44 20 3530 1287
London, Tel: +44 20 3530 1103
© Press Release 2012
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