Moody’s downgrades Ras Laffan, Nakilat

Moody's Investors Service said it downgraded the guaranteed senior secured debt ratings of Ras Laffan Liquefied Natural Gas Co. Ltd. (II) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3) to A1 from Aa3, the senior secured debt ratings of Nakilat Inc. to A1 from Aa3 and the senior subordinated debt rating of Nakilat to A2 from A1. The outlook on all three issuers has been changed to stable from negative.

The downgrades follow Moody's downgrade of the senior government bond and long-term issuer ratings of Qatar to Aa3 from Aa2 and change in outlook to stable from negative.

The agency said the downgrades reflect that each of RasGas II, RasGas 3 and Nakilat is a government-related issuer. The ratings incorporate Moody's assumption that in the unlikely event that any of these issuers were to become distressed, there would be a high likelihood of extraordinary support from the government of Qatar to avoid a default on their debt obligations.

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