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Mumtalakat's $983m sukuk assigned 'AA2' rating
- Bahrain: Wednesday, October 03 - 2012 at 02:14
Malaysian ratings agency RAM has assigned an 'AA2' long-term rating to Bahrain Mumtalakat Holding Co's three billion ringgit ($983m) Sukuk Murabahah Programme, with a stable outlook. Although Mumtalakat's unit Gulf Air is not operationally profitable, state financial support is channelled to Bahrain's national airline via the company, RAM said. "In essence, the 'AA2' rating reflects Mumtalakat's crucial role in the Bahraini government's economic agenda, which underscores the close rapport between them," the agency said.
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