S&P rates Nakilat A, bonds A+, A-

Standard & Poor's said it assigned its A long-term corporate credit rating to Nakilat Inc., the wholly owned liquefied natural gas shipping subsidiary of Qatar Gas Transport Co. Ltd.

The outlook is stable.

At the same time, S&P said it assigned its preliminary A+ long-term senior secured debt rating to Nakilat's proposed $850 million bonds and its preliminary A- long-term subordinated secured debt rating to the company's proposed $200 million-$300 million subordinated bonds, all due 2033.

S&P added that Nakilat, which is registered in The Marshall Islands, was established for the sole purpose of acquiring up to 27 LNG vessels to provide shipping services to four Qatari LNG producers.

According to the agency, Nakilat aims to fund the initial 16 vessels with about $3.8 billion of senior secured debt, $474 million of subordinated secured debt and $474 million of equity.

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