Fitch moves Freeport view to negative

Fitch Ratings said it removed Freeport LNG Investments LLLP’s ratings from rating watch negative, assigned a negative outlook and affirmed its B- issuer and B/RR3 secured debt ratings.

“The RWN resolution reflects the partial resumption of operations at Freeport Development LP's (Freeport LNG) liquified natural gas (LNG) facilities, marking a major milestone. The plants have been offline since June 2022 following the ignition of a natural gas vapor cloud from a ruptured LNG transfer line at the Texas LNG facility,” the agency said in a press release.

Freeport LNG Investments relies on dividends from operating subsidiaries. Debt service payments were possible through owner-equity funding.

“Fitch will continue to evaluate operational and financial matters regarding Flngi's liquidity condition and if long-term cash flows can return to levels incorporated into the prior B IDR,” the agency said.

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