Moody’s eyes North Queensland negatively

Moody’s Investors Service said it revised its outlook for North Queensland Export Terminal Pty Ltd. to negative from under review but confirmed Ba2 rating on its notes.

The outlook revision and rating confirmation conclude the review started on Dec. 20.

The growing risk to refinancing triggered the review, Moody’s noted.

“Moody's regards NQXT's development of a refinancing plan as a supporting factor reducing the risk associated with the refinancing exercise. Such plan also illustrates the willingness of NQXT's sponsor to support its investment in the terminal, consistent with its track record,” the agency said in a press release.

The outlook also mirrors uncertainty around the sponsor’s ability to provide the support in a timely manner given Moody's limited visibility over the sponsor's credit profile and the capital structure of the terminal post-refinancing, the agency said.

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