05.07.2016, 17:13
Fitch Affirms Nakilat Inc; Outlook Stable
OREANDA-NEWS. Fitch Ratings has affirmed Nakilat Inc's senior bonds and the junior bonds as follows:
USD850m series A senior secured bonds due 2033: affirmed at 'A+'; Outlook Stable
USD300m series A subordinated second priority secured bonds due 2033: affirmed at 'A'; Outlook Stable
The affirmations reflect the stable operating and financial performance of Nakilat Inc and its close operational and strategic ties to the state of Qatar (AA/Stable), as assessed by Fitch's Parent and Subsidiary Linkage (PSL) criteria. Qatar is heavily dependent on hydrocarbon revenues and Nakilat is a vital component of the hydrocarbon value chain as it provides vessels for exporting LNG. Consequently, we believe that despite not having explicit parent guarantees, the project is strategically and operationally important to the sovereign and therefore is rated two notches below Qatar's sovereign rating.
USD850m series A senior secured bonds due 2033: affirmed at 'A+'; Outlook Stable
USD300m series A subordinated second priority secured bonds due 2033: affirmed at 'A'; Outlook Stable
The affirmations reflect the stable operating and financial performance of Nakilat Inc and its close operational and strategic ties to the state of Qatar (AA/Stable), as assessed by Fitch's Parent and Subsidiary Linkage (PSL) criteria. Qatar is heavily dependent on hydrocarbon revenues and Nakilat is a vital component of the hydrocarbon value chain as it provides vessels for exporting LNG. Consequently, we believe that despite not having explicit parent guarantees, the project is strategically and operationally important to the sovereign and therefore is rated two notches below Qatar's sovereign rating.
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