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Fitch assigns Delek Overriding bond B+
Fitch Ratings said it assigned Delek Overriding Royalty Leviathan Ltd.’s $180 million bond an expected B+ rating.
“The issuer’s credit profile is driven by the rating of the Leviathan gas field, a large offshore gas field in Israel that pays royalties to the issuer. The rating considers the issuer’s exposure to refinancing risk, given the high initial leverage as well as the uncertainty on the timing of the royalty rate step-up, which is linked to the Leviathan gas field production,” Fitch said in a press release.
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