S&P raises New Fortress Energy

S&P said it raised its ratings for New Fortress Energy Inc. and its senior secured notes to BB- from B+. The notes’ recovery rating remains 3.

“Credit measures continue to strengthen as NFE executes on its strategy. The company's balance sheet continues to improve as cash flow ramps up from the recent acquisitions and organic growth. Our forecasted credit measures include all asset-level EBITDA and non-recourse, off-balance sheet debt secured by various vessels. We currently project NFE's debt to EBITDA to be about 6x in 2021, improving to the mid-4x area in 2022,” the agency said in a press release.

S&P said it forecasts NFE returning negative cash flow through next year, as it completes various projects, before turning cash flow positive in 2023.

The outlook is stable.

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