Bahrain Mirror: Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company's (Mumtalakat) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'B+'. The Outlook is Stable.
Fitch said that Mumtalakat's debts have reached BHD643 million, explaining that BHD227 million sukuk certificates due 2024 and around BHD189 million due 2027.
Mumtalakat's issued debt currently accounts for around 10 % of Bahrain's general government debt.
In 2020, Mumtalakat and its subsidiary companies received BHD36 million in government assistance.
Although Mumtalakat's debt is not guaranteed by the Bahrain government, it has received government shares since its inception in state-owned enterprises, funds and free land.
Fitch indicated that Gulf Air has received a total of BHD80 million in 3 years (BHD20 million in 2019 and BHD30 million in 2017 and in 2018).