{"id":2977,"date":"2021-04-09T12:53:12","date_gmt":"2021-04-09T16:53:12","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2977"},"modified":"2025-07-02T12:54:04","modified_gmt":"2025-07-02T16:54:04","slug":"niquan-placed-on-rating-watch-developing","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/niquan-placed-on-rating-watch-developing\/","title":{"rendered":"NiQuan placed on Rating Watch \u2013 Developing"},"content":{"rendered":"<p class=\"Default\" style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%;\">Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed NiQuan Energy Trinidad Limited (NETL or the Company) on <b>Rating Watch \u2013 Developing<\/b>. This Rating Action was taken following an incident at its Gas to Liquids plant at approximately 6:35 A.M. on April 7<sup>th<\/sup>, 2021. The Company indicated that the plant suffered a serious equipment failure <\/span><span style=\"font-size: 11pt; line-height: 120%;\">during the start-up of the hydrocracker system <\/span><span style=\"font-size: 11pt; line-height: 120%;\">that resulted in the blow out of its DA-301 system, a part of the product cleaning process, and caused a fire. The plant was immediately shut down and the fire was subsequently extinguished. Thankfully, the Company reported that there were no casualties. The Company\u2019s personnel are currently working on determining the root cause of the equipment failure and the required safeguards to prevent recurrence going forward.<\/span><\/p>\n<p class=\"Default\" style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%;\">CariCRIS will liaise closely with the Company\u2019s personnel over the coming days to determine the impact of this event on the Company\u2019s credit rating. While we are pleased with progress made to date in getting the plant to produce GTL product, we are concerned that this incident may pose a further delay in the Company ramping up to full scale commercial production. This, in turn, could adversely impact the Company\u2019s ability to effectively conclude the refinancing of its existing US $120 million debt facility.<\/span><\/p>\n<p class=\"Default\" style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%;\">A CariCRIS rating is placed on Rating Watch &#8211; Developing when events occur that may affect the credit quality of the issuer\/issue, the impact of which cannot be accurately assessed at that point in time. A rating placed under Rating Watch does not imply that the rating will necessarily change.<\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\"><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">We will be monitoring developments closely over the coming weeks and will adjust our assigned ratings accordingly. <\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%;\">\n<p style=\"text-align: justify; line-height: 120%;\"><b><span style=\"font-size: 11pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">April 09, 2021<\/span><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed NiQuan Energy Trinidad Limited (NETL or the Company) on Rating Watch \u2013 Developing. This Rating Action was taken following an incident at its Gas to Liquids plant at approximately 6:35 A.M. on April 7th, 2021. The Company indicated that [&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-2977","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NiQuan placed on Rating Watch \u2013 Developing - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/niquan-placed-on-rating-watch-developing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NiQuan placed on Rating Watch \u2013 Developing - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed NiQuan Energy Trinidad Limited (NETL or the Company) on Rating Watch \u2013 Developing. This Rating Action was taken following an incident at its Gas to Liquids plant at approximately 6:35 A.M. on April 7th, 2021. 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