Fitch downgrades Batelco and Mumtalakat

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Fitch Ratings has downgraded the long-term issuer default ratings (IDRs) 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,” Fitch said.

Both Batelco and Mumtalakat are government-linked entities and their ratings are constrained by and equalised with Bahrain’s rating, respectively, Fitch said