Fitch rates FLNG Liquefaction 2 bank loan BBB

Fitch Ratings said it assigned a BBB rating to FLNG Liquefaction 2, LLC’s about $1.2 billion operational bank facility due December 2026.

“FLIQ2’s ratings reflect a stable cash flow profile supported by revenues from a tolling-style agreement with an offtaker that bears all natural gas supply and most cost risks. Despite contractor and weather-related delays, completion risk remains manageable and adequately mitigated,” said Fitch in a news release.

Fitch also affirmed the ratings on the five outstanding series of senior secured notes totaling approximately $3.6 billion due 2038.

The outlook is stable.

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