Fitch Ratings withdrawn the expected ratings of Dolphin Energy Limited’s (DEL) proposed new senior secured bonds, on proposed new secured bonds of up to $1.9 billion due 2021-31 and ‘A+(exp)’ outlook stable withdrawn.
Fitch has withdrawn the expected ratings as no bonds have been issued within 90 days of the expected ratings being assigned.
Fitch said it would continue to rate DEL’s existing $1.25 billion 5.888% secured bonds due 15 June 2019, which were affirmed at ‘A+’ with a stable outlook on 6 September 2011.
DEL operates a large oil and gas project extracting gas from offshore fields in Qatar, processing it at Ras Laffan in Qatar and then exporting around 2 billion cubic feet a day of clean gas via a 364 km subsea pipeline to Abu Dhabi for onward sale in the UAE and Oman, mostly under long-term contracts. The project also produces a significant amount of condensate and liquefied petroleum gas which are by-products of the gas processing. The project has been fully operational since April 2008.