S&P may cut Yam Tethys notes

Standard & Poor's said it placed the BBB- rating on the $275 million senior secured notes due 2013 issued by Delek & Avner - Yam Tethys Ltd. on CreditWatch with negative implications.

The watch reflects uncertainty regarding the allocation of future sales under the gas sale and purchase agreement between Delek Drilling LP, Avner Oil Exploration LP, Delek Investments and Properties Ltd., Delek's sponsors, and Noble Energy Mediterranean Ltd. and IsraelElectric Corp. Ltd. (BBB/negative), the agency said.

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