The following is a summary of ratings actions on the credit ratings of Mumtalakat updated as of August 15, 2011. Please refer to releases from the individual credit rating agencies for more detailed information, as well as any additional steps taken by the ratings agencies after August 15, 2011.
On August 3, 2011, Fitch Ratings affirmed Mumtalakat’s credit ratings at ‘BBB’ and assigned a “Stable Outlook” following the agency’s similar rating action on Bahrain’s sovereign ratings. The following table is a summary of Fitch Rating’s credit ratings for Mumtalakat giving effect to this rating action:
Fitch Ratings Revised August 3, 2011
Long-term foreign currency Issuer
Default Rating (“IDR”): BBB
Senior unsecured ratings: BBB
Short-term IDR: F3
Outlook: Stable
On July 20, 2011, Standard & Poor’s affirmed its credit ratings at ‘BBB’ on Mumtalakat and assigned a “Negative Outlook” following the agency’s similar rating action on the credit ratings of the Kingdom of Bahrain. The following table is a summary of Standard & Poor’s credit ratings for Mumtalakat giving effect to this rating action:
Standard & Poor’s Revised July 20, 2011
Long term ratings: BBB
Short term ratings: A-3
Outlook: Negative
On March 18, 2011, Standard & Poor’s lowered its credit ratings on Mumtalakat in conjunction with its downgrade on the credit ratings of the Kingdom of Bahrain. The following table is a summary of Standard & Poor’s credit ratings for Mumtalakat giving effect to this rating action:
Standard & Poor’s Revised March 18, 2011
Long term ratings: BBB
Short term ratings: A-3
Outlook: CreditWatch Negative
On March 16, 2011, Fitch Ratings downgraded Mumtalakat’s credit ratings following the agency’s rating action on Bahrain’s sovereign ratings. The following table is a summary of Fitch Rating’s credit ratings for Mumtalakat giving effect to this rating action:
Fitch Ratings Revised March 16, 2011
Long-term foreign currency Issuer
Default Rating (“IDR”): BBB
Senior unsecured ratings: BBB
Short-term IDR: F3
Outlook: Rating Watch Negative
On March 3, 2011, Fitch Ratings downgraded Mumtalakat’s credit ratings and changed its outlook following the agency’s similar rating action on Bahrain’s sovereign ratings. The following table is a summary of Fitch Rating’s credit ratings for Mumtalakat giving effect to this rating action:
Fitch Ratings Revised March 3, 2011
Long-term foreign currency Issuer
Default Rating (“IDR”): A-
Senior unsecured ratings: A-
Short-term IDR: F1
Outlook: Negative
On February 21, 2011, Standard & Poor’s lowered its ratings and revised its outlook on the credit ratings of the Kingdom of Bahrain and Mumtalakat. The following table is a summary of Standard & Poor’s credit ratings for Mumtalakat giving effect to this rating action:
Standard & Poor’s Revised Feb.21, 2011
Long term ratings: A-
Short term ratings: A-2
Outlook: CreditWatch Negative
On February 17, 2011, Fitch Ratings revised its outlook on the credit ratings of the Kingdom of Bahrain, and accordingly revised its outlook on Mumtalakat’s credit ratings. The following table is a summary of Fitch Rating’s credit ratings for Mumtalakat giving effect to this rating action:
Fitch Ratings Revised Feb.17, 2011
Long-term foreign currency Issuer
Default Rating (“IDR”): A
Senior unsecured ratings: A
Short-term IDR: F1
Outlook: Rating Watch Negative
On June 1, 2010, Standard & Poor’s and Fitch Ratings assigned ratings to Mumtalakat, which are equalized to the ratings of the Kingdom of Bahrain, reflecting the integral relationship between Mumtalakat and the sovereign. The following is a summary of Mumtalakat’s initial credit ratings from both Standard & Poor’s and Fitch Ratings:
Standard & Poor’s Initial ratings
Long term ratings: A
Short term ratings: A-1
Outlook: Stable
Fitch Ratings Initial ratings
Long-term foreign currency Issuer
Default Rating (“IDR”): A
Senior unsecured ratings: A
Short-term IDR: F1
Outlook: Stable