S&P affirms Delek & Avner

Standard & Poor's said it affirmed its BBB- debt rating on the $275 million senior secured notes, maturing Aug. 1, 2013, issued by Delek & Avner - Yam Tethys Ltd.

The agency said that the notes were issued in two tranches, ranking pari passu, comprising a $175 million, 5.326%, fixed-rate tranche and a $100 million, floating-rate tranche set at Libor plus 110 basis points.

The outlook is stable.

S&P added that the company's project operations to date have been sound and Yam Tethys has provided gas to the required high standards.

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