The company is engaged in issuing bonds and depositing the proceeds with the Ratio partnership.
Ratio Finance is backed by a very good underlying asset, but the issuer itself finished 2025 with only $0.56 million of equity, $59 thousand of cash, and a very narrow safety margin. That means debt quality is determined mainly by continued Leviathan cash flow, long-term gas con…
The debt-service test for Ratio Finance until H2 2029 is not about Leviathan's asset value but about whether cash can move through the full financing chain before the 21 BCM step-up arrives in practice.
Ratio Finance’s ECL model is coherent at the underlying-asset level, but still too calm at the issuer level: it ends 2025 with a $468 thousand expected loss on $80.0 million of exposure while equity is only $0.56 million and cash just $59 thousand.
