S&P affirms North Queensland at BB-

S&P Global Ratings affirmed its issue credit rating on North Queensland Export Terminal Pty Ltd. at BB-.

The outlook is negative.

The North Queensland Export Terminal project has received funds on May 6 toward meeting its upcoming bullet maturity of $140 million due on Sept. 22, 2021.

Although the project has addressed near-term liquidity constraints, it continues to face uncertainty over costs of borrowing and increasing refinancing risks. As a result, the agency revised the liquidity assessment to adequate from less than adequate.

The negative outlook continues to reflect uncertainty as to the nature and timing of future refinancing plans, borrowing costs, as well as challenges with ongoing contractual disputes.

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