S&P affirms Delek & Avner

S&P said it affirmed its BBB- long-term issue ratings on Delek & Avner (Tamar Bond) Ltd.’s $1.28 billion of limited recourse secured notes due 2018, 2020, 2023 and 2025.

The agency also removed the ratings from CreditWatch with negative implications, where they were placed on July 25.

The outlook is stable.

S&P said the action follows the upgrade of Israel Electric Corp. following the resolution of the CreditWatch on the rating.

Given Delek's dependence on Israel Electric as a material off-taker, the upgrade led the agency to affirm the ratings on Delek's debt and remove them from CreditWatch.

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