Fitch Ratings downgraded two Bahraini government related entities (GREs) to ‘B+’ from ‘BB-‘.
The ratings agency downgraded Bahrain Mumtalakat Holding Company's (Mumtalakat) long-term's issuer default ratings (IDRs) to 'B+' from 'BB-' with a stable outlook. Fitch also downgraded The Oil and Gas Holding Company (nogaholding)'s long-term foreign- and local-currency IDRs to 'B+' from 'BB-' with a stable outlook.
The ratings agency said in a statement that the long-term rating on Mumtalakat Sukuk Holding Company's senior unsecured guaranteed notes has also been downgraded to 'B+' from 'BB-'.
The stable outlook reflects the outlook on the Bahrain sovereign.
“The rating actions follow the downgrade of the Long-Term IDRs of Mumtalakat and nogaholding's sponsor, Bahrain, to 'B+' from 'BB-' on 14 August 2020,” Fitch said.
(Writing by Gerard Aoun; editing by Seban Scaria)
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