Fitch Ratings has upgraded EIG Pearl Holdings S.a r.l.'s Issuer Default Rating (IDR) and senior secured notes' rating to 'A+' from 'A'.
The Outlook is Stable.
The upgrade follows the upgrade of
RATING RATIONALE
The ratings are based on the contractual structure between AssetCo, of which Pearl owns 49%, and
KEY RATING DRIVERS
For further information on EIG Pearl's rating, see ' Fitch Affirms EIG Pearl Holdings S.a r.l.'s Notes at 'A'; Outlook Positive', published on
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Downgrade of
Failure to refinance the bridge facility in a timely manner
Additional material amounts of subordinated debt for Pearl may lead to negative rating action on the IDR
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Upgrade of
Best/Worst Case Rating Scenario
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
TRANSACTION SUMMARY
AssetCo has lease usage rights regarding a portfolio of 44 stabilised crude oil pipelines covering over 4,000km in
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
RATING ACTIONS
Entity / Debt
Rating
Prior
EIG Pearl Holdings S.a r.l.
LT IDR
A+
Upgrade
A
EIG Pearl Holdings S.a r.l./Senior Secured Debt/1 LT
LT
A+
Upgrade
A
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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