S&P reaffirms Nakilat rating at ‘AA-’ with stable outlook

24/10/2014 08:30 AST

Rating agency Standard & Poor’s (S&P) has reaffirmed Nakilat’s corporate credit rating at ‘AA-‘ with a stable outlook.

In a recent report, S&P highlighted Nakilat’s key strengths as its importance to Qatar’s LNG strategy, ownership of the world’s largest LNG fleet, and stable cash flows.

Nakilat plays a critical role in the LNG industry, which is vital to the Qatari economy, with its vessels connecting the LNG supply chain from upstream to downstream, according to S&P.

The primary positive drivers for Nakilat’s strong business profile are underpinned by its reliable operating track record since delivery of its first vessel in August 2008, says S&P in the report.

Consistent profitability and strong experience in managing and operating LNG shipping are also among Nakilat’s founding strengths, according to S&P.

The high credit quality of Nakilat’s charterers, its good relationship with banks, and its strong link with the Qatari state — including substantial oversight from and involvement of government officials — were also listed in the report as being among Nakilat’s strengths.

Nakilat managing director Abdullah Fadhalah al-Sulaiti said, “Our company’s financial strength is a valuable asset that has made Nakilat’s and Qatar’s gas-carrying fleet possible. It allows us to strengthen our capabilities as well as expand our business. We are dedicated to the continual enhancement of Nakilat’s position as the world’s leading LNG shipping company. We thank Nakilat’s chairman HE Dr Mohamed bin Saleh al-Sada, for his continued support and guidance. Our strong relationship with Qatar is integral to our strategy.”

Nakilat is a Qatari marine transport company providing the essential transportation link in Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 61 vessels.

Gulf Times