Fitch: Dolphin Energy bonds A+

Fitch Ratings said it assigned a final A+ rating to Dolphin Energy Ltd.'s $1.3 billion 5.5% secured bonds due Dec. 15, 2021.

The agency also said it affirmed Dolphin Energy's $1.25 billion 5.888% secured bonds due June 15, 2019 at A+.

The outlook is stable.

The ratings and outlook are supported by the company's position as a key long-term, low-cost gas supplier to the United Arab Emirates in the context of the growing gas deficit in Abu Dhabi and Dubai, Fitch said.

This importance is reflected in the Abu Dhabi government's 51% covenanted shareholding in Dolphin Energy through Mubadala Development Co., the agency said.

The core commercial strength of the project is the existence of long-term, fixed-price sales contracts for the vast majority of the gas, Fitch said.

These contracts provide a significant cushion against market risk, the agency said.

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