Moody’s Gives Aa3 Rating
to Dolphin Energy’s Debt

ABU DHABI - Moody’s has assigned a provisional Aa3 rating to up to $4.1 billion of 10-year amortising senior secured debt due 2019 to be raised by Dolphin Energy Limited or DEL.

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Published: Fri 17 Jul 2009, 1:24 AM

Last updated: Thu 2 Apr 2015, 7:36 AM

The Senior Debt mainly comprises a bank debt facility, supplemented by bonds and $1.2 billion of co-lending by the project’s sponsors. Up to $400 million of the bank debt may be structured as a separate facility insured by SACE, Italy’s Export Credit Agency; this debt would not be rated. The outlook on the rating is stable. Moody’s understands that the Senior Debt will be used mainly to refinance existing debt in the Dolphin project, an integrated gas production and distribution project to deliver gas from Qatar’s North Field to customers principally in Abu Dhabi, Dubai and Oman, which commenced operation in July 2007.

“Our rating for the Dolphin debt reflects a strong baseline credit -operating successfully and generating substantial cash flows, with a conservative debt tenor and an unusually high resilience to commodity price falls,” says William Coley, Senior Analyst in Moody’s Global Infrastructure Group. “Under our GRI methodology, we then apply a further uplift, which recognises Mubadala’s long-term committed role and the project’s strategic importance and essentiality to Mubadala, Abu Dhabi and the wider region,” the Moodys said.

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