S&P lifts Nakilat

Standard & Poor's said it raised the long-term corporate credit rating on Nakilat Inc. to AA- from A+, along with the rating on its $850 million senior secured bonds to AA- from A+ and the issue ratings on its $300 million secured subordinated bonds to A+ from A.

The outlook is stable.

The rating is based on the company's stand-alone credit profile, which is assessed at BBB, as well as an opinion that there is an extreme likelihood that the State of Qatar would provide support in the event of financial stress, S&P said.

The stable outlook reflects a belief that Nakilat will continue to build the remaining vessels to schedule and budget, the agency said, and that the company will be the exclusive provider of shipping vessels for LNG distribution for Qatar.

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