Moody’s rates Australia Pacific LNG notes Baa2

Moody's Investors Service said it assigned a Baa2 senior secured rating to Australia Pacific LNG Processing Pty Ltd.'s $1.4 billion senior secured fixed-rate fully-amortizing notes maturing in September 2030.

The outlook is stable.

“The rated notes consist of a single tranche and rank pari passu with APLNG Processing's existing senior secured facilities,” the agency said in a news release.

Moody’s said the Baa2 rating primarily reflects the project's operational track record, its solid free cash flow generation under Moody's current central oil price scenario range and its strategic importance to its sponsors and offtakers.

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