RAM Rating Services Berhad (RAM Ratings) recently announced that it has reaffirmed Bahrain Mumtalakat Holding Company’s (Mumtalakat) RM3billion Sukuk Murabahah programme with a long-term rating of AA2 and a stable outlook, representing a strong investment grade credit rating profile.
Commenting on the rating announcement, Mahmood Hashim Al Kooheji, CEO of Mumtalakat, said, “The strength of our business strategy and sustainability of favourable long-term financial prospects have been underscored with RAM Rating Services reaffirmation of the AA2 long-term rating and stable outlook of Mumtalakat’s sukuk programme.”
He added, “This rating also underlines Mumtalakat’s strong connection to the government of Bahrain, and the success of our joint and on-going efforts to further develop the Kingdom’s private sector economy through investment and innovation. We believe we are the partner of choice for those looking to invest in Bahrain and the GCC due to our strong corporate governance practices and our stringent financial discipline.”
The sukuk programme was established in Malaysia by Mumtalakat, the investment arm of the Kingdom of Bahrain, in July 2012. It has a tenure of 20 years and allows Mumtalakat to issue one or more series of sukuk murabahah to Malaysian institutional investors from time to time.