Fitch affirms Nakilat

Fitch Ratings said it affirmed Nakilat Inc.'s series A senior secured bonds due 2033 at A+ and its subordinated second priority secured bonds due 2033 at A-.

The outlook is stable.

Proceeds have been on-lent to separate vessel owners, wholly owned by Nakilat Inc. Each vessel owner in turn guarantees Nakilat's obligations.

The affirmations reflect the transaction's performance in line with expectations, according to the agency.

Ratings are supported by the significant mitigation of operating risk in the transaction because of Nakilat's large, modern fleet and the direct pass-through of fuel, port and other costs to the charterers, the agency said.

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