Fitch considers RasGas’ exceptionally high financial flexibility as its key strength
Fitch Ratings has affirmed RasGas 2 and RasGas 3’s senior secured bonds at ‘A+’ with stable outlooks.
Fitch considers RasGas’ exceptionally high financial flexibility as its key strength.
This is key in supporting the bonds’ ‘A+’ rating despite mostly midrange individual key rating driver assessments. The stable outlook is supported by the company’s solid operating track record and competitive position within the strongly performing global liquefied natural gas (LNG) industry.
During 2013, the projects’ safety record remained at the top end of industry standards, highlighting sound operational procedures. The LNG trains’ technical performance was positive, as demonstrated by high utilisation and reliability factors and operating costs being marginally in excess of budget but within Fitch’s expectations.
The company’s positive operating track record, its five LNG train configuration and ability to withstand major cost shocks support a midrange assessment for operation risk despite technology and operating costs risk factors at the higher end of the spectrum within Fitch’s infrastructure and project finance rating universe.