Middle East

Praise for Nakilat’s ‘stable’ operations

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]

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