Fitch rates Leviathan notes BB

Fitch Ratings said it assigned Leviathan Bond Ltd.’s proposed notes of $2.25 billion due between 2023 and 2030 an expected rating of BB. The outlook is stable.

“The rating reflects the project’s high-quality reserves, the use of commercially proven technology and strong operating set-up with Noble Energy Mediterranean Ltd. (Noble Energy) providing the day-to-day operating services. At the same time, the offtake base limits the rating as the two largest off-takers, Dolphinus Holdings Ltd. (Dolphinus) in Egypt and National Electricity Production Co. (Nepco) in Jordan, which is backed by the government of Jordan, are viewed as having below investment grade credit standing. The Israeli offtake is diversified, and we view the risk of contract renewal as low,” Fitch said in a press release.

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