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S&P rates NiQuan Energy notes B
S&P said it assigned a preliminary B rating to NiQuan Energy Trinidad Ltd.’s planned $175 million of senior secured fixed-rate notes due 2031.
Revenues generated from an offtake agreement between NiQuan and Petroleum Co. of Trinidad and Tobago will back the notes.
“The preliminary rating mainly reflects the operational risk related to the operations of a gas-to-liquid plant, which we view as similar to an oil & gas refinery, or a gas processor with relatively higher complexity. In addition, the preliminary rating reflects our view on the volatility to cash flows, which could range 30%-50% depending on commodities prices volatility, given that the offtake agreement only mitigates volume risk, while price is based on realized market prices,” S&P said in a press release.
The notes’ stable outlook reflects the agency’s opinion that the project will post DSCR above 2x in the next 12 months, S&P said.
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