Qatar-Based Shipping Company Nakilat Inc. ‘AA-‘ Ratings Affirmed; Outlook Stable in International Shipping News 26/02/2026 Nakilat Inc.’s (Nakilat) long-term charter agreements, fixed rates, and availability-based payment structure provide insulation from the volatility of global liquefied natural gas (LNG) shipping spot rates and support our expectation of stable S&P Global Ratings-adjusted EBITDA of $670 million-$690 million in 2026 and 2027. Gradual debt amortization and the company’s debt hedging strategies will also support Nakilat’s deleveraging and improvement in EBITDA interest coverage through 2027. Therefore, we revised up Nakilat’s financial risk profile to significant from aggressive and its stand-alone credit profile (SACP) to ‘bbb+’ from ‘bbb-‘. In our view, Nakilat will remain a key player in Qatar’s expanding LNG sector and a strategic asset within its parent, Qatar Gas Transport Company’s (QGTC’s) portfolio. Nakilat’s creditworthiness as a core subsidiary is closely aligned with QGTC’s group credit profile, which we estimate at ‘aa-‘. We affirmed our ‘AA-‘ long-term issuer credit rating on Nakilat, and our ‘AA-‘ issue rating on the company’s senior secured debt and our ‘A+’ issue rating on its subordinated debt. The stable outlook on Nakilat ultimately mirrors that on Qatar and reflects our view of the company’s critical importance for, and full integration with QGTC. Our outlook also considers QGTC’s importance to Qatar’s economy and the government’s strategy for LNG. DUBAI (S&P Global Ratings) Feb. 24, 2026–S&P Global Ratings today took the rating actions listed above. We expect that lower debt and interest costs over 2026 and 2027 will support an improvement in Nakilat’s credit metrics. The company’s debt structure has been strategically designed to ensure full debt amortization before its long-term charter agreements for all 25 vessels expire, scheduled between 2033 and 2035. Consequently, we forecast funds from operations (FFO) to S&P Global Ratings-adjusted debt above to gradually improve to 17%– 22% in 2026 and 20%-25% in 2027, from 16.5% in 2025. We also forecast leverage to gradually reduce to 3.6x-3.9x in 2026 and 3.0x-3.3x in 2027, from 4.1x in 2025 while supported by the company’s debt hedging strategies, we anticipate improved EBITDA interest coverage, rising to 3.0x-3.3x in 2026 and 3.4x-3.7x in 2027, compared with 3.0x in 2025. These positive developments prompted us to revise up Nakilat’s financial risk profile and SACP, reflecting the anticipated improvement in credit metrics. Nakilat’s long-term offtake agreements support its stable performance and strong margins. We anticipate that Nakilat will generate S&P Global Ratings-adjusted EBITDA of $670 million-$690 million in 2026 and 2027, consistent with its reported adjusted EBITDA of $690.8 million in 2025 and $684.5 million in 2024. This stability stems from Nakilat’s long-term take-or-pay charter agreements with QatarEnergy LNG (previously Qatargas and RasGas), joint ventures majority owned by QatarEnergy (AA/Stable/–). These agreements, covering all 25 of Nakilat’s vessels and with an average of eight years remaining, feature mostly fixed charter rates with minor adjustments for inflation in operating expenses. Additionally, the charterer continues to carry fuel costs, port charges, and commissions. This mitigates any cash flow volatility for Nakilat, which most of its industry peers typically experience due to variation in demand and supply that impa