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S&P rates Venture Global LNG notes BB
S&P said it assigned Venture Global LNG Inc.’s planned $3.5 billion in senior secured notes BB issue and 2 recovery ratings. The 2 recovery rating indicates substantial recovery (70%-90%: rounded estimate: 70%) in default. The agency also gave the company a BB- issuer rating. The outlook is stable.
S&P noted the company generates its cash flow through long-term fixed contracts with highly rated offtakers.
Venture Global plans to use the proceeds to refinance the borrowings under its credit facility.
“The stable outlook reflects our view that the company will successfully commission the Venture Global Calcasieu Pass (VGCP) project and that construction on the Venture Global Plaquemines (VGPL) project will continue on time and on budget,” S&P said in a press release.
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