S&P revises Tamar Bond view to negative

S&P said it revised the outlook for Delek & Avner (Tamar Bond) Ltd.’s senior secured bonds to negative from stable and affirmed their BBB- ratings.

“With the nearby Leviathan field ramping up, we believe changing market dynamics are increasingly exposing the Tamar project to competition and that the issuer’s market risk exposure is rising, which may result in a weaker business risk profile,” S&P said in a press release.

The outlook reflects a one-in-three likelihood of a downgrade in the next 24 months if increasing competitive pressures result in a greater-than-expected deterioration of the Tamar project’s cash flow generation, S&P said.

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