New Fortress Energy Inc. announced that S&P Global Ratings (“S&P”) has upgraded NFE’s issuer credit rating to ‘BB-’/Stable Outlook from ‘B+’.
S&P based the rating upgrade on NFE’s growing cash flow as it supplies LNG volumes across a more diversified asset base. In the year since NFE’s previous ratings forecast, the Company has expanded its presence from 3 terminals serving 37 customers to 11 terminals operating or under development serving over 100 customers across 11 markets through acquisitions and advancement of projects in Brazil, Mexico and Nicaragua.
“We are pleased to have been upgraded by S&P Global Ratings and their recognition that our terminals continue to add long term, reliable and growing cash flows to our strong operational performance,” said Wes Edens, Chairman and CEO of NFE. “Access to credit is increasingly important in securing long term gas contracts to serve our growing customer base and improved ratings are meaningful to our core business. We expect continued significant organic growth through our existing terminals and new terminals in Brazil, Irelandand Sri Lanka will add to our ability to support our customers’ transition to cleaner energy and generate additional cash flow over the next 12 to 18 months.”