S&P: Delek & Avner unchanged

Standard & Poor's said its BBB- issue rating and stable outlook on the $275 million senior secured notes issued by Delek & Avner - Yam Tethys Ltd. are unaffected by the recent rocket attacks on Israel by the Lebanese guerilla movement Hezbollah.

Nevertheless, the attacks, which have mainly focused on the Israeli coastal city of Haifa, represent a serious escalation of violence in the region, the agency added.

S&P said that although some of the gas to be supplied by the Yam Tethys production facility is targeted to reach Haifa by mid-2008, meaning that adverse developments in the city may eventually affect volumes, the project only relies on contracted volumes going through Reading, Hagit, Gezer and Zafit power stations to repay debt under the base case.

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