S&P affirms Yam Tethys

Standard & Poor's said it affirmed the BBB- rating on the $275 million senior secured notes due 2013 issued by Delek & Avner - Yam Tethys Ltd. The recovery rating on the notes remains 1, indicating an expectation of 90% to 100% recovery in the event of a default. The ratings were removed from CreditWatch, where it had been placed with negative implications in January.

The outlook is stable.

The affirmation comes after Israel Electric Corp. Ltd. signed an irrevocable letter of undertaking confirming that all proceeds from a memorandum of understanding between itself and Yam Tethys will go to the offshore

escrow account assigned to the rated noteholders under the existing gas sale and purchase agreement, S&P said.

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