{"id":2954,"date":"2021-05-21T12:43:31","date_gmt":"2021-05-21T16:43:31","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2954"},"modified":"2025-07-02T12:44:29","modified_gmt":"2025-07-02T16:44:29","slug":"niquan-energy-trinidad-limited-11","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/niquan-energy-trinidad-limited-11\/","title":{"rendered":"NiQuan Energy Trinidad Limited"},"content":{"rendered":"<p style=\"margin: 0.65pt 47pt 0.0001pt 30px; line-height: 120%; text-align: center;\"><b><span style=\"font-size: 14pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">CariCRIS lowers the ratings on<\/span><\/b><\/p>\n<p style=\"margin: 0.65pt 47pt 0.0001pt 30px; line-height: 120%; text-align: center;\"><b><span style=\"font-size: 14pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">NiQuan Energy Trinidad Limited<\/span><\/b><\/p>\n<p style=\"margin: 0cm 93.9pt 0.0001pt 90px; line-height: 120%; text-align: center;\">\n<p style=\"margin-right: 93.9pt; line-height: 120%; text-align: center;\"><b><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 21 May 2021<\/span><\/b><\/p>\n<p style=\"margin-right: 3.85pt; line-height: 120%; text-align: center;\">\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Further to our Rating Watch assigned on 09<sup>th<\/sup> April 2021, Caribbean Information and Credit Rating Services Limited (CariCRIS) <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">has lowered the assigned issuer\/corporate credit ratings of NiQuan Energy Trinidad Limited (NETL or the Company) by 2-notches <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">to <i>Cari<\/i><b>A-<\/b> <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">(Foreign and Local Currency Ratings) on the regional rating scale and <i>tt<\/i><b>A-<\/b> on the Trinidad and Tobago (T&amp;T) national scale. These ratings indicate that the level of creditworthiness of this obligor, <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">adjudged in relation to other obligors in the Caribbean and within T&amp;T <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">is <b>good.<\/b><\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Our lowering of the assigned ratings is driven by the multiple consecutive delays by NETL in achieving full-scale commercial production, with an incident<a id=\"ftnref1\" style=\"vertical-align: super;\" href=\"#ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a> at the plant that occurred in April 2021 expected to further delay production by at least another five months. These delays have resulted in the Company\u2019s inability<a id=\"ftnref2\" style=\"vertical-align: super;\" href=\"#ftn2\" name=\"_ftnref2\"><sup>[2]<\/sup><\/a> to effectively conclude the refinancing of its existing US $120 million debt facility, thereby increasing its credit risk profile. <\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">CariCRIS also assigned a <b>stable<\/b> outlook on the ratings. The stable outlook is based on our expectation that, barring any other unforeseen circumstances or events, once commercial operations successfully begin, we expect NETL to be comfortably able to meet all its interest and principal repayments as they come due over the life of the refinanced facility. The stable outlook is also supported by the strong actions taken by the Company post the incident to prevent recurrence, including the commissioning of an independent Root Cause Analysis report, the recommendations from which are already being implemented. <\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">However, should NETL not be able to achieve full commercialisation over the next five to eight months, a pre-requisite for a successful <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Lender\u2019s Reliability Test certification (LRT)<a id=\"ftnref3\" style=\"vertical-align: super;\" href=\"#ftn3\" name=\"_ftnref3\"><sup>[3]<\/sup><\/a> and refinancing<\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">, we may likely lower the Company\u2019s ratings again.<\/span><\/p>\n<p class=\"badge\">Key Rating Drivers<\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><b><\/b><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">The key factors supporting the ratings continue to be:<\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Use of reputable and commercially tested technology which maximizes the likelihood of a successful operation;<\/span><\/li>\n<li><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Legally binding supply and offtake agreements in place; <\/span><\/li>\n<li><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Critical importance of the end products along with a highly supportive regulatory framework together drive favourable demand conditions;<\/span><\/li>\n<li><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Favourable projected financial performance with adequate debt servicing capacity based on its operational efficiency guarantee output level;<\/span><\/li>\n<li><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">The Owner-Controlled Insurance Program (OCIP) which serves as an additional layer of protection to the lenders; and<\/span><\/li>\n<li><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">A knowledgeable and experienced Board of Directors and Executive Management team within a good supporting organizational structure.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">The key factor constraining the rating is the Company\u2019s vulnerability to the cyclicality of global energy prices.<\/span><\/p>\n<p class=\"badge\">Projected financial performance<\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">In response to the plant incident, NETL has successfully obtained unanimous consent by noteholders of the US $120 million Senior Secured construction bridge loan to extend the maturity date to the 30<sup>th<\/sup> June, 2021 and to capitalize interest due and payable until that date. This has allowed the company to remain current in all of its financial obligations.<\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">For our projections, we have assumed a further extension of the US $120 million facility to December 2021 and the commencement of full production and commercialization of operations on October 1<sup>st<\/sup>, 2021. We have also assumed a successful LRT allowing for the 18-month US $120 million note and the associated capitalized interest to be refinanced by a US $150 million 10-year facility<\/span><a id=\"ftnref4\" style=\"vertical-align: super;\" href=\"#ftn4\" name=\"_ftnref4\"><sup>[4]<\/sup><\/a><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">. NETL is expected to generate total revenue of US $16.3 million for the 3-month period (October-December 2021) <\/span><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">and average revenue of around US $72.3 million per annum thereafter from 2022 to 2031. With interest expenses of approximately US $12.1 million annually, we expect profit after tax (PAT) and operating cash flow to average US $1.7 million and US $54.2 million per annum respectively over the 2022 to 2031 period<a id=\"ftnref5\" style=\"vertical-align: super;\" href=\"#ftn5\" name=\"_ftnref5\"><sup>[5]<\/sup><\/a>.<\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Assuming NETL acquires the additional financing, we expect NETL to comfortably meet all its interest and principal repayments as they come due over the life of the refinanced facility.<\/span> <span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\"> NETL\u2019s average interest cover for the period 2022 to 2031 is expected to be of the order of 2.7 times and its debt service coverage ratio (DSCR) to average 1.9 times. <\/span><\/p>\n<p style=\"margin-right: -1.15pt; text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Over the life of the refinanced facility, the ratio of debt to tangible net worth (TNW) reduces with the accretion of profits and retained earnings. Financial flexibility during the early years of operation is reduced, and as such, CariCRIS has assumed dividend payouts will commence from December 2024. <\/span><\/p>\n<p class=\"badge\">Rating Sensitivity Factors:<\/p>\n<p style=\"text-align: justify; line-height: 115%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to an improvement in the ratings\/outlook:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li style=\"text-align: justify; line-height: 115%;\"><b><\/b><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Higher than projected revenues and profits based on favourable selling prices and lower than projected operating costs.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; line-height: 115%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to a lowering of the ratings\/outlook:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li style=\"text-align: justify; line-height: 115%;\"><b><\/b><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Unsuccessful start-up of full commercial operations by December 2021 and\/or production falling below 2,400 bpd.<\/span><\/li>\n<li style=\"text-align: justify; line-height: 115%;\"><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Absence of a functioning Offtake Agreement with either the existing contracted offtaker or an alternate offtaker at the time of plant start up.<\/span><\/li>\n<li style=\"text-align: justify; line-height: 115%;\"><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">A fall in the Interest Cover to below 2.5 times and\/or a drop in the Effective Debt Service Coverage Ratio to below 1.3 times post start-up.<\/span><\/li>\n<li style=\"text-align: justify; line-height: 115%;\"><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Failure to refinance the 18-months note or obtain approval for a further extension by noteholders by June 30<sup>th<\/sup> , 2021.<\/span><\/li>\n<\/ul>\n<p><b><span style=\"font-size: 11pt; font-family: 'Book Antiqua', serif;\">\u00a0__________________________________________________________________________________________________<\/span><\/b><\/p>\n<p style=\"text-align: justify; line-height: 115%;\"><b><i><span style=\"text-decoration: underline;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">For more information on the ratings of NiQuan Energy Trinidad Limited, please visit <\/span><\/span><\/i><\/b><a href=\"http:\/\/www.caricris.com\"><b><i><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">www.caricris.com<\/span><\/i><\/b><\/a><b><i><span style=\"text-decoration: underline;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"> or contact: <\/span><\/span><\/i><\/b><\/p>\n<p style=\"line-height: 115%;\">\n<table style=\"width: 633px; border-collapse: collapse;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 633px; padding: 0cm 5.4pt;\" valign=\"top\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Kathryn Budhooram\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 OR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Anelia Oudit<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 633px; padding: 0cm 5.4pt;\" valign=\"top\">\n<p style=\"line-height: 115%;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Senior Manager, Rating Operations,\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Manager, Ratings<\/span><\/p>\n<p style=\"line-height: 115%;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Strategic Planning and Brand Development\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 Tel: 1-868-627-8879 Ext. 226<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 633px; padding: 0cm 5.4pt;\" valign=\"top\">\n<p style=\"line-height: 115%;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 227\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cell: 1-868-487-8364<\/span><\/p>\n<p style=\"line-height: 115%;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Cell: 1-868-706-6510\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 E-mail: <\/span><a href=\"mailto:aoudit@caricris.com\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">aoudit@caricris.com<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"line-height: 115%;\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif; color: white;\">\u00a0 <\/span><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">E-mail: <\/span><a href=\"mailto:kbudhooram@caricris.com\"><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">kbudhooram@caricris.com<\/span><\/a><\/p>\n<p style=\"line-height: 115%;\"><b><span style=\"font-size: 12pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Note<\/span><\/b><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><i><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">This press release is transmitted to you for the sole purpose of dissemination through your agency\/newspaper\/magazine. You may use this press release in full or in part without changing the meaning or context thereof, but with due credit to CariCRIS. CariCRIS has the sole right of distribution of its press releases, for consideration or otherwise, through any media, including websites, portals, etc.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CariCRIS lowers the ratings on NiQuan Energy Trinidad Limited \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 21 May 2021 Further to our Rating Watch assigned on 09th April 2021, Caribbean Information and Credit Rating Services Limited (CariCRIS) has lowered the assigned issuer\/corporate credit ratings of NiQuan Energy Trinidad Limited (NETL or the Company) by 2-notches to CariA- (Foreign and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2954","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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