Abu Dhabi – Mubasher: Moody's Investors Service has affirmed its A2 rating for UAE-based Dolphin Energy’s senior secured bonds and senior secured bank credit facilities.
The New York-based ratings agency also changed the energy company’s outlook to stable from negative, according to an official statement released on Wednesday.
“The A2 ratings continue to be supported by a long-term development and production sharing agreement with the government of Qatar,” Moody’s stated.
The stable outlook reflects the Emirati energy producer’s positive operational and financial performance despite the Arab quartet's boycott on Qatar.
“The ratings are, however, constrained by event risk considerations, particularly geopolitical risk, debt refinancing risk, albeit largely mitigated by a sinking fund mechanism and the absence of security over upstream assets and shares in the project,” the global ratings agency added.
