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Fitch rates Leviathan Bond notes BB
Fitch Ratings said it assigned Leviathan Bond Ltd.'s $2.25 billion notes due between 2023 and 2030 a BB rating.
“The rating reflects the project's high-quality reserves, the use of commercially proven technology and strong operating set-up, with Noble Energy Mediterranean Ltd. providing day-to-day operating services,” Fitch said in a press release.
“The project debt is structured as staggered bullet maturities, which are expected to be partially refinanced. This allows for some deleveraging, but exposes the project to a degree of refinancing risk, although there is a cash reserving mechanism,” Fitch said.
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