S&P stabilizes Energean note outlook

S&P said it revised its outlook for Energean Israel Finance Ltd.’s notes to stable from negative and affirmed the BB- rating. The recovery rating is unchanged at 2, indicating substantial recovery (70%-90%; rounded estimate: 70%) in the event of a default.

Energean plc reported it pumped its first crude oil from its Karish field, and that its three Karish wells are pumping and reservoir deliveries are stable.

“Therefore, we no longer factor in our construction phase stand-alone credit profile into the issue rating on Energean Israel Finance Ltd.'s (EIFL's) senior secured notes, and we now assess the project as fully operational,” S&P said in a press release.

S&P noted it does not see any significant setbacks and that it expects the project’s cash flow to be stable.

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