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Related Issuers
Rating Action:

Moody's upgrades BW Group's CFR to Ba1; Outlook stable

05 Nov 2015

Singapore, November 05, 2015 -- Moody Investors Service has upgraded the corporate family rating (CFR) of BW Group Ltd (BW Group) to Ba1 from Ba2 and upgraded the rating on the remaining $194 million of senior secured notes due 2017 to Ba1 from Ba2.

The outlook on all ratings is stable

RATINGS RATIONALE

The upgrade action reflects BW Group's 1) improved operational performance; 2) reduced investment in and financial support required at its wholly-owned subsidiaries following the debt raise and expected initial public offering (IPO) of BW Pacific; 3) a robust liquidity profile, including dividends from its strategic, non-controlling investments at BW LPG, BW Offshore, BW Juju and going forward BW Pacific (all unrated); 4) its strong interest coverage metrics and 5) large pool of unencumbered vessels.

"Cyclically strong spot rates have boosted the performance of BW Group's Very Large Crude Carrier (VLCC), tanker and Liquid Petroleum Gas (LPG) fleets throughout 2015 leading to improved cash flows and a very good liquidity profile" says Brian Grieser, a Moody's Vice President and Senior Analyst. "While we anticipate volatility in spot rates over the next two years, BW Group balances its spot rate exposures with long term contracts at its LNG and Offshore investments, which provide stable, more predictable earnings and dividends, as well as ample cash flows to cover BW Group's debt service requirements"

Despite the growing reliance on dividends from its minority investment stakes upon completion of the BW Pacific IPO, we project debt service requirements at the BW Group level can easily be met by its wholly-owned fleet of vessels on a standalone basis (10 VLCC's, 5 Liquid Natural Gas (LNG) carriers, 2 Floating, Storage and Regasification Units (FSRU) and 15 chemical tankers) and that dividends from investments will generally be used to fund growth.

BW Group's liquidity profile is expected to be very good over the next 12-18 months providing significant support to ratings. High cash balances, cash generation from wholly-owned vessels and newbuilds and dividends from its previously mentioned investments will cover its newbuild capital spending needs and interest requirements. Incremental support to liquidity is provided by an unused $400 million committed revolving credit facility maturing November 2018.

BW Pacific recently repaid an intercompany loan to BW Group originally made to fund BW Pacific's newbuild program. The debt repayment increased BW Group's cash balances from $287 million at December 2014 to $788 million at June 2015.

BW Group provides a guarantee to BW JuJu's remaining 797 million loan facility due in October 2017. While we include BW Juju debt in BW Group's credit metrics, we note that BW Juju has historically serviced this debt from its cash flows while maintaining a consistent dividend flow to BW Group. Given that its entire fleet of 8 Liquid Natural Gas (LNG) carriers are on long term contracts that extend out past 2020, we do not anticipate any need for BW Group to inject any capital into BW Juju. As such, we view BW Group's capital structure as increasingly flexible as its only debt service requirements are on the $194 million bond and a $250 million exchangeable note due 2020.

We expect BW Group to maintain solid leverage metrics going forward. We estimate debt-to-EBITDA (including BW Juju debt, dividends from investments, and a deconsolidated BW Pacific) to be around 3.5x at the end of 2015. Further, on a fully consolidated basis (including the earnings and debt of all investments) debt-to-EBITDA metrics are at similar levels.

The stable outlook reflects our expectation that BW Group's standalone earnings and dividends from its investments are subject to spot rate volatility, given that between 40%-45% of its consolidated revenue is generated from spot rate contracts. However, BW Group maintains the capital structure flexibility and liquidity to manage through periods of cyclically weak cash flows due to depressed spot rates for its VLCC's, tankers and LPG fleet.

The rating could be downgraded if BW Group (1) experiences deterioration in its profit margins or liquidity significantly weakens; or (2) takes on additional debt-funded expansion/acquisitions. Credit metrics indicating downgrade pressure include standalone Debt/EBITDA increasing above 4.0x and or (FFO+interest)/interest falling below 4.0x (currently around 5.7x), on a sustained basis.

A positive ratings action is unlikely following today's rating upgrade as we view BW Group as well positioned at Ba1 CFR. Further, a ratings upgrade will not occur as long as the BW Juju guarantee exists. Upward pressure could develop if BW Group's standalone and fully consolidated credit metrics improve to a level where Debt/EBITDA can be maintained around 2.5x and (FFO+Interest)/Interest is maintained above 7.0x .

The principal methodology used in these ratings was Global Shipping Industry published in February 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

BW Group, managed in Singapore, is a global maritime transportation group involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deepwater production. Its principal operations include chemical tankers, LPG carriers, LNG carriers, crude oil and product tankers, FSRU's, offshore floating, production, storage and offloading vessels, and environmental marine technologies. BW's fully-consolidated fleet is comprised of 157 vessels and ongoing new builds, including its investments

BW's key investments include a 49.8% stake in BW Offshore Ltd, a 46.7% stake in BW LPG Limited, a 51% stake in BW Gas Juju LNG Limited (BW Juju), a 51% stake in BW Pavilion LNG Pte Ltd, a joint venture with Temasek-owned Pavilion Energy, a 51% stake in a partnership with GDF Suez, and a 44% to 48% post IPO stake in BW Pacific.

BW is a privately held holding company, of which 93% is owned by the Sohmen family and 7% by HSBC

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Brian Grieser
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's upgrades BW Group's CFR to Ba1; Outlook stable
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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