Fitch hikes Nakilat bonds to AA-, A+

Fitch Ratings said it upgraded Nakilat Inc.'s $850 million of series A senior secured bonds due 2033 to AA- from A and its $300 million of series A subordinated second-priority secured bonds due 2033 to A+ from A-.

“The upgrade reflects an upward revision in the stand-alone credit profile (SCP) of the senior bond to a from a-, following the refinancing in March 2024 of bullet bank debt due in 2025, through a fully amortizing debt profile. The junior bond, which previously did not have an SCP, now has its SCP assessed at a-,” Fitch said in a press release.

The outlook is stable.

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