Moody’s changes Dolphin Energy view

Moody’s Investors Service said it affirmed the A2 rating of Dolphin Energy Ltd.'s senior secured bonds and senior secured bank credit facilities and changed the outlook to stable from negative.

The agency said the stabilization of the outlook reflects that Dolphin Energy's operational and financial performance has remained satisfactory and in line with Moody's expectations, more than one year into the dispute between Qatar and, inter alia, three fellow Gulf Cooperation Council neighbors, including the United Arab Emirates (Aa2 stable).

Moody’s said the A2 ratings continue to be supported by a long-term development and production sharing agreement with Qatar and net revenue under long-term fixed-price gas supply contracts with government-owned entities in Abu Dhabi, Dubai and Oman, after deducting all operating costs, sufficient to cover close to 100% of current senior debt service.

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