Fitch affirms Nakilat bonds at A, A-

Fitch Ratings said it affirmed Nakilat Inc.'s $850 million series A senior secured bonds due 2033 at A and $300 million series A subordinated second priority secured bonds due 2033 at A- and removed them from rating watch positive.

The outlooks are negative, reflecting the negative outlook on Qatar.

The series A senior secured bonds are rated one notch above Nakilat's standalone senior debt rating of A-, while the series A subordinated secured bonds are rated two notches above the standalone junior debt rating of BBB, as per Fitch's Government-Related Entities Rating Criteria.

Fitch said it considers that Qatar indirectly owns Nakilat, that state support is likely, that the replacement of the operators would be possible albeit with some disruption, and that the default of Nakilat would pose a limited threat to the government's financing.

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