Fitch rates Mumtalakat’s $500m Sukuk at ‘BB-’

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Manama

Fitch Ratings has assigned Bahrain Mumtalakat Holding Company’s (Mumtalakat; BB-/Stable/B) USD500 million senior unsecured sukuk certificates due on 21 January 2027 (ISIN: XS2103157991) a ‘BB-’ rating. The certificates are issued through Mumtalakat Sukuk Holding Company (MSHC) under Mumtalakat Sukuk Trust Certificate Issuance Programme. The rating is in line with Mumtalakat’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating. MSHC is the issuer of the certificates and trustee. MSHC is an exempted company with limited liability incorporated in the Cayman Islands, which has been established for the sole purpose of issuing the certificates, and is owned by Mumtalakat.—Reuters