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Bond Market News
Mumtalakat Downgraded to B by S&P
November 26, 2025
Bahrain Mumtalakat Holding Co. (Mumtalakat) was downgraded by a notch to B from B+ by S&P. The rating action follows S&P’s recent downgrade of Bahrain. Mumtalakat’s ratings are equalized with the sovereign due to S&P’s view of an almost certain likelihood of extraordinary government support if needed, despite the absence of formal guarantees. Mumtalakat, Bahrain’s state-owned investment holding company for non-oil strategic assets, manages stakes in over 50 enterprises across sectors such as aluminum, telecom, finance, real estate, transportation, and tourism, holding BHD 6.8bn ($18bn) in assets as of end-June 2025. Its board is dominated by senior government officials, underscoring its integral link with the state and its critical role in economic diversification. The government continues to support key subsidiaries through subsidies and other assistance, while Mumtalakat itself contributes annual dividends of BHD 40mn ($106.4mn) to the state. The company reported a profit of BHD 98mn ($261mn) in 1H2025, mainly from an equity investment sale, with most recurring income driven by dividends from major holdings such as Aluminium Bahrain, Beyon, the National Bank of Bahrain, and Gulf Investment Corp.
It’s 4.1% 2027 sukuk traded stable at 98.7, yielding 5.3%.
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