S&P ups Cheniere Corpus Christi

S&P said it raised its rating on Cheniere Corpus Christi Holdings LLC's (CCH) senior secured debt by one notch to BBB from BBB-.

“Based on the latest available Federal Energy Regulatory Commission filing, which captured cumulative project activity through August 2023, total progress at Stage 3 is at 42.8%, which was approximately 14% ahead of the planned progress of 29%. In terms of the individual components of the EPC process, engineering was 70.9% complete, followed by procurement at 62.3% completion, and construction at 6.5%. Relative to the original timeline, we estimate that this progress reflects Stage 3 completion being about three to four months ahead of plan,” S&P said in a press release.

“The upgrade reflects CCH's strong progress on the Stage 3 expansion project, which is tracking well ahead of the original schedule. The rating continues to reflect CCH's credit quality during its weaker phase, the construction phase, as it executes the Stage 3 project through early 2027,” S&P noted.

The outlook is stable.

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