S&P affirms Delek & Avner notes

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 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 agency added.

The outlook is stable.

At the same time, S&P said it assigned its recovery rating of 1 to the notes, indicating the expectation of very high recovery of principal in the event of a payment default.

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