Doha: Fitch Ratings has affirmed Qatar Gas Transport Company’s (Nakilat) bonds at ‘A+’/’A-’ with stable outlook. The rating affirmations reflect the project’s stable operating and financial performance, the ratings agency noted.
The rated senior and subordinate bonds are part of a wider debt programme also comprising $4.3bn commercial bank facilities which originally carried bullet maturities in 2019 and 2025 and $1.2bn loans from export agencies maturing in 2020 and 2021.
Nakilat recently completed the refinancing of $917m commercial bank facilities due in 2019 through the issuance of bank debt for an equal amount maturing in 2025. Fitch considers the concentration of the refinancing risk on a single year as a weakening of the debt structure, but does not materially impair the project’s ability to raise the required debt. [15/08/13]