Moody’s affirms Nakilat

Moody's Investors Service said it affirmed the Aa3 senior secured bonds rating and A1 senior subordinated bonds rating of Nakilat Inc.

The outlook on all ratings remains stable.

Moody’s said the affirmations reflect Nakilat's strong operational performance and our continued expectation of high support from the Government of Qatar.

The Aa3 rating for the senior bonds reflects: (a) The critical importance of the LNG carriers (vessels) to their liquefaction company charterers; (b) high quality net cash flows, underpinned by charter payments that are highly resilient and well-matched to operating costs and debt service costs; (c) financial metrics capable of supporting long tenor project finance debt; (d) generally beneficial project finance structural features; and (e) the agency’s assessment of a high likelihood of support, should it become necessary, from the Government of Qatar (Aa2 stable).

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