Moody's rates Ras Laffan bonds A1

Moody's Investors Service said it assigned definitive long-term ratings of A1 to the $2.25 billion senior secured amortizing bonds issued by Ras Laffan Liquefied Natural Gas Co. Ltd. (II) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3).

The outlook is stable.

Ras Laffan (II) has issued $1.4 billion 5.298% series A bonds, with final maturity in September 2020, which are unconditionally and irrevocably guaranteed by Ras Laffan (3). Ras Laffan (3) has issued $850 million 5.838% series B bonds, with final maturity in September 2027, which are unconditionally and irrevocably guaranteed by Ras Laffan (II). The series A bonds have an average life of 10.5 years, and the series B bonds (which commence amortization in 2021) have an average life of 19.5 years.

The ultimate shareholders of each of Ras Laffan (II) and Ras Laffan (3) are currently Qatar Petroleum (70%) and Exxon Mobil Corp. (30%).

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