Moody's may cut Ras Laffan, Nakilat

Moody's Investors Service said it placed the ratings of certain government-related issuers in Qatar on review for possible downgrade.

On review for possible downgrade includes:

• Ras Laffan Liquefied Natural Gas Co. Ltd.'s Aa2 rating on its $800 million of 8.294% amortizing senior secured bonds due 2014;

• Ras Laffan II's Aa1 on its $1.4 billion of 5.298% series A senior secured amortizing bonds due 2020; and

• Ras Laffan 3's Aa2 rating on its $850 million of 5.838% series B senior secured amortizing bonds due 2027, Aa2 rating on its $750 million of 5.832% series C senior secured amortizing bonds due 2016, $800 million of 6.332% series D senior secured amortizing bonds due 2027, $500 million of 4½% series E senior secured bullet bonds due 2012, $1.12 billion of 5½% series F senior secured bullet bonds due 2014 and $615 million of 6¾% series G senior secured bullet bonds due 2019.

Also on downgrade review include Nakilat Inc.'s Aa2 rating on its $850 million of 6.067% senior secured bonds due 2033 and Aa3 rating on its $300 million of 6.267% subordinated second priority secured bonds due 2033.

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