Fitch affirms Nakilat bonds

Global credit rating agency Fitch has reaffirmed Nakilat’s Series A senior secured bonds at ‘A+’, and subordinated second priority secured bonds at ‘A-’ with a stable outlook.

The affirmations to the bonds, due 2033, reflect the stable performance of the underlying project in line with vessel delivery expectations and the charterers’ construction schedule, according to Fitch spokesman.

The bonds are part of a debt that would finance 90% of the $7.46bn estimated delivered costs of 25 large LNG tankers that will be chartered to upstream LNG projects in Qatar.