Moody's lifts Ras Laffan bonds to Aa3

Moody's Investors Service said it upgraded Qatar-based Ras Laffan Liquefied Natural Gas Co. Ltd. (3)'s $2.4 billion senior secured amortizing bonds to Aa3 from A1.

The outlook is stable.

The upgrade follows Moody's upgrade of Qatar's sovereign ratings to Aa3 and incorporates the agency's evolving view on the nature of the relationship between Ras Laffan 3 and the State of Qatar.

The agency said the bonds are unconditionally and irrevocably guaranteed by affiliate Ras Laffan Liquefied Natural Gas Co. Ltd. (II). At the same time, Ras Laffan 3 provides an unconditional and irrevocable guarantee of senior secured debt raised by Ras Laffan II, which includes $1.4 billion of senior secured bonds issued by that company. The ultimate shareholders of both Ras Laffan II and Ras Laffan 3 are state-owned Qatar Petroleum (70%) and Exxon Mobil Corp. (30%).

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