Fitch lowers Ras Laffan, Nakilat

Fitch Ratings said it downgraded Ras Laffan Liquefied Natural Gas Company Ltd. (II)'s (RasGas (II)) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3)'s (RasGas (3) to A from A+ and removed them from Rating Watch negative.

The agency also said it downgraded Nakilat Inc.'s senior bond rating to A from A+ and junior bond rating to A- from A and removed the negative watch listing.

The outlook is negative.

The action follows a similar downgrade on Qatar's sovereign rating as RasGas and Nakilat are credit-linked to Qatar's rating, Fitch said.

RasGas's and Nakilat's senior bonds are rated two notches below the sovereign rating, reflecting strong strategic ties, moderate operational ties, but weak legal ties, the agency said.

Nakilat's junior debt is rated one notch below senior debt, Fitch added.

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