MANAMA: Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDR) of Bahrain Telecommunications Company (Batelco) and Bahrain Mumtalakat Holding Company (Mumtalakat) to ‘BB+’ from ‘BBB-‘. The Outlooks are both Stable.
The rating actions follow the downgrade of Bahrain’s Long-Term Foreign Currency IDR to ‘BB+’ from ‘BBB-‘ and Long-term Local Currency IDR to ‘BB+’ from ‘BBB’. The Outlooks are Stable. The Country Ceiling has been affirmed at ‘BBB+’ and the Short-term Foreign Currency IDR downgraded to ‘B’ from ‘F3’ (see ‘Fitch Downgrades Bahrain to ‘BB+” Outlook Stable’; dated 28 June 2016 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities).
Both Batelco and Mumtalakat are government-linked entities and their ratings are constrained by and equalised with Bahrain’s rating, respectively.