Moody's upgrades Cheniere Corpus Christi

Moody's Investors Service said it upgraded Cheniere Corpus Christi Holdings, LLC to Ba2 from Ba3.

The outlook remains positive.

The upgrades reflect continued positive momentum as the Corpus Christi Liquefaction facility transitions to an operating, cash flow producing asset with investment-grade characteristics, Moody's said.

Significant milestones achieved and factored into the rating action include the substantial completion and commercial operation of train 1, the commencement of commissioning activities at train 2 and continued construction progress at train 3, Moody's said.

The action also considered the improved financial position of Cheniere Energy, Inc. and related reduction in equity funding risk, the agency said.

Cheniere's improved financial position is driven by increased commercial activity at its Sabine Pass liquefaction facility, Moody's said.

The positive outlook considers an expectation that Cheniere Corpus Christi's financial outlook will continue to improve as operational activities ramp-up, the agency said.

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