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Fitch Ratings has revised down Bahraini sovereign wealth fund Mumtalakat Holding outlook to negative.
The international ratings agency cut outlook follows the rating action on Bahrain’s sovereign rating from stable to negative on December 19th.
The rating action also affects Mumtalakat's $750m notes due on June 30, 2015, MYR300m notes due on 2017, Sukuk certificates issued under Mumtalakat Sukuk Holding Company, and the EMTN programme of the issuer.
The ratings factor in implicit state support for Mumtalakat, although this is subject to change given the political uncertainty in Bahrain. Mumtalakat is 100%-owned by the Bahrain state and the government's investment arm.
Mumtalakat is an active investor in diverse industry sectors spanning over 35 commercial enterprises, nationally and internationally.
Mumtalakat has received government shares since its inception in state-owned enterprises, as well as funds and free land to manage and operate its subsidiaries. Although government support falls short of an explicit debt guarantee, Fitch considers Mumtalakat's high profile and strategic role to mean that support would be provided, if needed.
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