Fitch Affirms Nakilat Outlook Stable (Qatar)

Fitch Ratings has affirmed Nakilat Inc’s senior and subordinated bond ratings as follows: $850m series A senior secured bonds due 2033 – affirmed at ‘A+’; Outlook Stable $300m series A subordinated second priority secured bonds due 2033 –  affirmed at ‘A-‘; Outlook Stable.

The rating affirmations reflect the project’s stable operating and financial performance. Reported revenues of $825m and operating costs of $143m both slightly exceeded expectations for 2012. The net effect resulted in EBITDA in line with expectations. Based on the financial statements for 2012, Fitch calculates the total debt service cover ratio (DSCR) at 1.21x compared to 1.23x during the previous year. Fitch expects the debt service coverage ratios for the senior and subordinate debt to average 1.46x and 1.28x respectively until debt maturity in 2033.

Qatar Gas Transport Company (known as Nakilat, which means carriers in Arabic) is a Qatari-listed shipping company established by the State of Qatar to own, operate and manage LNG vessels and to provide shipping and marine-related services to a range of participants within the Qatari hydrocarbon sector.