S&P gives Nautilus BB

S&P said it assigned its BB corporate credit rating on Nautilus Inkia Holdings LLC and withdrew the BB corporate credit rating on Inkia Energy Ltd.

The outlook is stable.

I Squared Capital incorporated a new company, Nautilus. On Dec. 31, Nautilus acquired shares in Inkia, the underlying company, and assumed its $600 million outstanding bond due in 2027.

“From an analytical perspective, we concluded that there were no changes in Nautilus' repayment capacity because its underlying assets, outstanding liabilities and repayment capacity remained unchanged,” the agency said in a news release.

“From a financial perspective, we expect Nautilus's EBITDA to reach $500 million in 2018, and almost $550 million in 2019.”

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