Fitch Rates Venture Global Plaquemines LNG's $3.0 Billion Sr Notes 'BB'

Fitch Ratings assigned a 'BB' rating to Venture Global Plaquemines LNG's $3 billion senior secured notes, with a stable outlook. The notes partially refinance existing loans. The project is nearly complete, with funding from commissioning cargo sales. Despite cost volatility and lack of maintenance reserves, proven technology and long-term agreements mitigate risks. The debt structure includes refinancing risk, with increased debt service post-2033. Completion is expected by 2027, using experienced contractors and temporary systems to manage deficiencies.