Fitch Ratings-Austin-12 December 2025:

惠誉评级 - 奥斯丁-2025年12月12日：

Fitch Ratings has assigned a 'BB' rating to Venture Global Plaquemines LNG, LLC's (VGPL) USD3.0 billion senior secured notes issued in two tranches. The Rating Outlook is Stable. Proceeds from the notes were used to partially refinance VGPL's existing term loan facility.

惠誉评级已对 Venture Global Plaquemines LNG, LLC（VGPL）发行的 30 亿美元高级担保票据赋予'BB'评级，分为两个批次。评级展望为稳定。票据的收益用于部分再融资 VGPL 现有的定期贷款设施。

RATING RATIONALE

评级理由

The 'BB' rating on VGPL's senior secured notes reflects a financial profile underpinned by contracted cash flow under 20-year, take-or-pay sales and purchase agreements (SPAs) for 19.7 million tonnes per annum (mtpa) capacity with mostly creditworthy offtakers.

VGPL 高级担保票据的'BB'评级反映了其财务状况，基于与大多数信用良好的买方签订的 20 年期、按需支付的销售和购买协议（SPA），年产能力为 1970 万吨。

Construction was about 99% complete as of Aug. 30, 2025 , excluding any commissioning and rectification works that may be required, with all contingency funds used to cover costs. Remaining funding needs will be met using commissioning cargo sales, which began in December 2024, and Fitch expects to generate proceeds well above the requirements.

截至2025年8月30日，建设已完成约 99%，不包括可能需要的调试和整改工作，所有应急资金已用于覆盖成本。剩余的资金需求将通过自 2024 年 12 月开始的调试货物销售来满足，惠誉预计将产生远高于需求的收益。

The self-operated project faces operating cost volatility and lacks major maintenance reserve accounts. This is offset by proven technology, long-term service agreements (LTSAs) with the original equipment manufacturer (OEM) for the liquefaction trains, and Fitch's higher cost stresses in the financial analysis. The independent engineer (IE) has confirmed that since January 2025, the plant can perform well above nameplate capacity. In Fitch's rating case, the assumed production level is 4.0 mtpa above the nameplate capacity, in line with current Department of Energy (DOE) export authorization to non-free trade agreement (FTA) countries and below updated IE downside case.

自营项目面临运营成本波动，并且缺乏主要的维护储备账户。这一点通过经过验证的技术、与原始设备制造商（OEM）签订的长期服务协议（LTSA）以及惠誉在财务分析中考虑的更高成本压力得以弥补。独立工程师（IE）确认，自 2025 年 1 月以来，工厂的表现远超额定产能。在惠誉的评级案例中，假设的生产水平比额定产能高出 400 万吨，符合当前能源部（DOE）对非自由贸易协定（FTA）国家的出口授权，并低于更新后的 IE 下行案例。

The debt structure is similar to other rated liquefied natural gas (LNG) projects, featuring refinancing risk and permissive additional debt provisions. Multiple bond issuance with bullet maturities used to partially refinance the amortizing term loan lead to an increase in debt service after 2033. Fitch's rating case stresses capacity, fuel use, gas prices, operating costs, and refinancing rates, and results in a minimum project life coverage ratio (PLCR) of 1.18x in 2035.

债务结构类似于其他评级的液化天然气（LNG）项目，具有再融资风险和宽松的额外债务条款。多次发行的债券具有到期一次性偿还的特点，用于部分再融资分期偿还的定期贷款，导致 2033 年后债务服务增加。惠誉的评级案例强调了产能、燃料使用、天然气价格、运营成本和再融资利率，结果在 2035 年最低项目生命周期覆盖比率（PLCR）为 1.18 倍。

KEY RATING DRIVERS Completion Risk - High Stronger

关键评级驱动因素 完成风险 - 高强劲

Advanced Completion Status with Mitigated Funding Shortfalls: The project is in advanced construction completion stage and is ramping up production, with 34 out of planned 36 trains. The remaining two trains will likely be online by year-end. Construction of Phase I was 99% complete as of August 2025 and construction of Phase II was 96%, excluding commissioning and rectification works. Remaining construction costs to substantial completion are about $135 million, excluding interest during construction and commissioning and ramp up costs. Commissioning and ramp-up capital costs are estimated by VGPL to be about $1.3 billion from December 2025 to December 2026, funded by commissioning cargo sales.

先进的完成状态与缓解的资金短缺：该项目处于先进的建设完成阶段，正在逐步提高产量，计划中的 36 台设备中已有 34 台投入使用。剩余的两台设备预计将在年底前上线。第一阶段的建设截至 2025 年 8 月已完成 99%，第二阶段的建设完成 96%，不包括调试和整改工作。剩余的建设成本约为 1.35 亿美元，不包括建设期间的利息和调试及提升成本。VGPL 预计，从 2025 年 12 月到 2026 年 12 月，调试和提升的资本成本约为 13 亿美元，由调试货物销售资金支持。

As of November, 34 trains are producing LNG using temporary supplemental power until combined cycle power plant is completed. Due to such issues and rectification work that is required for the power facilities, the expected substantial completion dates under the EPC Contracts with KZJV have shifted out by 5-6 months. These deficiencies are being managed by using supplemental temporary systems with no impact on production. Substantial completion is still expected before the targeted Phase1 COD in 4Q26 and Phase 2 COD in mid-2027.

截至 11 月，34 台设备正在使用临时补充电力生产 LNG，直到联合循环发电厂完成。由于这些问题以及电力设施所需的整改工作，根据与 KZJV 的 EPC 合同，预计的实质性完成日期已推迟 5-6 个月。这些缺陷通过使用补充临时系统进行管理，对生产没有影响。预计在目标的第一阶段商业运营日期（COD）之前，实质性完成仍然可行，第一阶段 COD 在 2026 年第四季度，第二阶段 COD 在 2027 年中期。

VGPL is using a multi-contractor structure with experienced specialized contractors, such as Baker Hughes (BHGE), General Electric, UOP Honeywell, Kellogg Brown and Root (KBR), and CB&I. BHGE is supplying the project with the key equipment and is a highly experienced OEM supported by an investment-grade parent. The joint venture (JV) between KBR and Zachry Industrial Inc. (KZJV) plays an integral role as the engineering, procurement and construction (EPC) contractor responsible for the integration of the facility components, testing and commissioning.

VGPL 采用多承包商结构，合作伙伴包括经验丰富的专业承包商，如贝克休斯（BHGE）、通用电气、霍尼韦尔 UOP、凯洛格·布朗·鲁特（KBR）和 CB&I。BHGE 为项目提供关键设备，并且是由投资级母公司支持的经验丰富的 OEM。KBR 与扎克里工业公司（KZJV）之间的合资企业在工程、采购和施工（EPC）方面发挥着重要作用，负责设施组件的集成、测试和调试。

The EPC contract is largely structured on a reimbursable basis, exposing the project to cost escalation. The project has allocated all its contingency; however, due to the phased completion plan, it has begun to sell commissioning cargoes, which management expects will generate sufficient revenue to cover remaining project costs.

EPC 合同主要基于可报销的结构，使项目面临成本上升的风险。项目已分配了所有应急资金；然而，由于分阶段的完成计划，已开始销售调试货物，管理层预计将产生足够的收入来覆盖剩余的项目成本。

Operation Risk - Midrange

运营风险 - 中等

Self-Operated with Some Operating Experience: VGPL relies on affiliate companies to operate and manage the facilities, similar to other LNG projects in the U.S. As of November 2025, these affiliates have an operating record of more than two years of ramping up production and generating LNG at Venture Global Calcasieu Pass (VGCP), which declared COD on April 15, 2025. The project has hired experienced staff from within the LNG industry and is coordinating with its contractors to provide training support prior to COD.

自营且具备一定运营经验： VGPL 依赖关联公司运营和管理设施，类似于美国其他 LNG 项目。截至 2025 年 11 月，这些关联公司在 Venture Global Calcasieu Pass（VGCP）上已有超过两年的生产提升和 LNG 生产记录，该项目于2025年4月15日宣布商业运营。该项目已从 LNG 行业内部招聘经验丰富的员工，并与承包商协调，在商业运营前提供培训支持。

Technical risk is mitigated by world-class OEMs that test, fabricate, ship, and assist in the installation of their equipment. The project design includes built-in redundancies for major equipment, self-generated power insulated from grid-related outages, and performance guarantees that allow production levels above nameplate capacity.

技术风险通过世界级 OEM 的测试、制造、运输和设备安装支持得到缓解。项目设计包括主要设备的内置冗余、自发电力与电网相关停电隔离，以及允许超过额定产能的生产水平的性能保证。

Unexpected operational problems that arise after the start of commercial operation are expected to be covered by warranties provided by the OEMs and contractors. The LTSA with Baker Hughes Company (BHC), and the maintenance budgets and the modularity of the project design, should allow predictable and phased maintenance costs, mitigating the risk related to the lack of a mandatory maintenance reserve requirement.

商业运营开始后出现的意外运营问题预计将由 OEM 和承包商提供的保修覆盖。与贝克休斯公司（BHC）的 LTSA、维护预算以及项目设计的模块化应允许可预测和分阶段的维护成本，从而减轻与缺乏强制维护储备要求相关的风险。

The IE reported that the project has developed an adequate operating plan. Fitch addresses the exposure to cost volatility by incorporating additional cost stresses in its financial analysis. The IE also reported that the use of electric motors instead of turbines in the liquefaction process should reduce downtime. The project's reliance on its own power generation adds operational complexity, but it may provide greater supply certainty by avoiding weather-related grid outages.

IE 报告称，该项目已制定了充分的运营计划。Fitch 通过在其财务分析中纳入额外的成本压力来应对成本波动的风险。IE 还报告称，在液化过程中使用电动机而非涡轮机应能减少停机时间。该项目对自身发电的依赖增加了运营复杂性，但通过避免与天气相关的电网停电，可能提供更大的供应确定性。

Supply Risk - Midrange

供应风险 - 中等

Adequate Access to Gas Supplies Backed by Firm Transportation Capacity: The project's supply risk is mitigated by operating in an area with abundant gas supply, an experienced gas procurement team already purchasing gas for commissioning cargoes, and offtake contracts that include gas cost recovery components. VGPL has signed precedent agreements for firm transportation capacity at fixed rates across four pipelines. This pipeline capacity provides sufficient access to supply quantities of feed-gas exceeding the nameplate production capacity of the LNG facility for the term of the assumed debt profile.

充足的 气源供应，得到固定运输能力的支持： 该项目的供应风险通过在气源丰富的地区运营、经验丰富的气源采购团队已在为调试货物采购气体，以及包括气价回收条款的购气合同得以缓解。VGPL 已签署了四条管道的固定费率运输能力的先例协议。这些管道能力在假设的债务结构期限内提供了足够的供应量，超过 LNG 设施的额定生产能力。

The project relies on two lateral segments of the Gator Express Pipeline to transport gas from other pipelines to the project site, thereby removing single-point-of-failure risk. According to the market consultant, the project's approach to gas procurement should ensure sufficient near-to-medium-term contracted volumes while maintaining appropriate flexibility for long-term needs.

该项目依赖于 Gator Express 管道的两个侧支管段，将气体从其他管道运输到项目现场，从而消除了单点故障风险。根据市场顾问的说法，该项目的气源采购方式应确保在近期至中期内有足够的合同量，同时为长期需求保持适当的灵活性。

Revenue Risk - Composite - Midrange

收入风险 - 综合 - 中等

Largely Contracted Profile: VGPL has entered into 13 long-term SPAs for the sale of 19.7 mtpa of LNG with creditworthy offtakers. There is also a shorter-term contract for 0.3 mtpa. Any capacity exceeding these contractual commitments is sold to a Venture Global LNG, Inc. (Venture Global; B+/Negative) affiliate. Each SPA provides revenue from a capacity payment, which is paid regardless of the LNG volumes lifted, and a commodity-based payment per unit of LNG lifted.

**大部分合同化的配置：**VGPL 已与信用良好的购气方签署了 13 份长期 LNG 销售协议，销售量为 19.7 百万吨每年（mtpa）。还有一份短期合同为 0.3 mtpa。任何超过这些合同承诺的能力将出售给 Venture Global LNG, Inc.（Venture Global；B+/负面）附属公司。每份 SPA 提供的收入来自于容量支付，无论 LNG 的提取量如何，均会支付，以及每单位提取的 LNG 的商品支付。

The project effectively passes variable fuel costs through the commodity payment linked to gas prices at Henry Hub, while fixed costs are covered by the fixed capacity fees of the SPAs. This structure insulates the project from broader trends in LNG demand. Flexible delivery contractual features and excess production capacity above the volumes contracted with these offtakers mitigate the risk of the project failing to meet its SPA delivery obligations in the event of unplanned outages.

该项目有效地通过与亨利中心气价挂钩的商品支付将可变燃料成本转嫁，而固定成本则由 SPA 的固定容量费用覆盖。这一结构使项目免受 LNG 需求的更广泛趋势影响。灵活的交付合同条款和超过与这些购气方签署的合同量的生产能力降低了项目在意外停机情况下未能满足 SPA 交付义务的风险。

About 10% of the revenues will come from an SPA with an unrated subsidiary of a highly rated corporate entity, which provides a limited parent guarantee. Fitch evaluated several mitigating factors: VGPL's low dependency on this cash flow, the level of parent credit support, the project's importance to the counterparties, and SPA pricing compared to Fitch's merchant price assumptions. These factors support treating cash flows from this SPA under contracted metric thresholds. Fitch applies a merchant threshold to revenues from counterparties that are unrated or rated below the project rating.

约 10% 的收入将来自一家高评级企业的无评级子公司的 SPA，该子公司提供有限的母公司担保。Fitch 评估了几个缓解因素：VGPL 对这一现金流的低依赖性、母公司的信用支持水平、项目对交易对手的重要性，以及 SPA 定价与 Fitch 的市场价格假设的比较。这些因素支持将来自该 SPA 的现金流视为在合同指标阈值之下。Fitch 对来自无评级或低于项目评级的交易对手的收入应用市场阈值。

Debt Structure - 1 - Midrange

债务结构 - 1 - 中等

Refinance Exposure Mitigated by Staggered Maturity Profile: The project is significantly exposed to the risk of rising interest rates. The new senior notes have bullet maturities and account for about 25% of the project's debt, including the term loan and previously issued senior notes in the amount of $6.5 billion. The term loan matures in 2029 and has limited amortization prior to maturity. Multiple bond issuance with bullet maturities used to partially refinance the term loan lead to an increase in debt service after 2033. The project must hedge at least 75% of its variable rate exposure.

再融资风险通过错峰到期结构得以缓解：该项目显著面临利率上升的风险。新的高级票据具有到期一次性偿还的特征，占项目债务的约 25%，包括 65 亿美元的定期贷款和之前发行的高级票据。定期贷款于 2029 年到期，并在到期前有有限的摊销。多次发行具有到期一次性偿还的债券用于部分再融资定期贷款，导致 2033 年后债务服务的增加。该项目必须对至少 75% 的可变利率风险进行对冲。

The debt structure includes a senior debt coverage ratio test of 1.4x for additional debt issuance and an equity distribution test of 1.20x for senior notes and 1.25x for the term loan. Any termination of an SPA without replacement would require mandatory prepayment to maintain 1.40x and 1.45x coverage, accounting for the loss of that SPA under the senior notes and the term loan, respectively.

债务结构包括 1.4 倍的高级债务覆盖比率测试，以便进行额外的债务发行，以及 1.20 倍的股权分配测试用于高级票据，1.25 倍用于定期贷款。任何 SPA 的终止而没有替代将要求强制提前还款，以维持 1.40 倍和 1.45 倍的覆盖，分别考虑到在高级票据和定期贷款下失去该 SPA 的影响。

Financial Profile

财务状况

Fitch's financial analysis is based on partial refinancing in December 2025 of the remaining $5.7 billion term loan, with non-amortizing bonds placed by VGPL in an aggregate amount of $3.0 billion. The fixed rate notes have bullet maturities and were issued in two series with par amounts of $1.75 billion and $1.25 billion. Both series of notes are pari passu with the term loan and previously issued notes.

Fitch 的财务分析基于在 2025 年 12 月对剩余的 57 亿美元定期贷款进行部分再融资，VGPL 发行的非摊销债券总额为 30 亿美元。这些固定利率票据具有到期一次性偿还的特征，并分为两系列，面值分别为 17.5 亿美元和 12.5 亿美元。这两系列票据与定期贷款和之前发行的票据平等对待。

This is the third issuance for VGPL this year. In April 2025, VGPL issued bonds in the amount of $2.5 billion, followed by another $4.0 billion pari passu issuance in July. Fitch applies a stressed refinancing interest rate and assumes the debt is fully amortized within the 20-year term of the SPAs.

这是 VGPL 今年的第三次发行。在 2025 年 4 月，VGPL 发行了 25 亿美元的债券，随后在 7 月又发行了 40 亿美元的平等对待的债券。Fitch 应用了压力再融资利率，并假设债务在 SPA 的 20 年期限内完全摊销。

Fitch's base case assumes production capacity of 28 mtpa of LNG, reflecting current pipeline constraints. The IE report indicates that the plant can exceed this level. Individual trains have demonstrated peak output was 46% above 22.5 mtpa. Contracts for 19.7 mtpa are secured with creditworthy third-party offtakers for a 20-year term. The project generates $0.50 per million British thermal units (MMBtu) in liquefaction fees on the excess capacity above the nameplate, which is contracted to Venture Global's marketing affiliate. In this scenario, the minimum PLCR is 1.33x in 2035.

Fitch 的基本案例假设 LNG 的生产能力为 28 mtpa，反映当前的管道限制。IE 报告指出，该工厂可以超过这一水平。各个生产线的峰值产出已证明超过 22.5 mtpa 的 46%。与信用良好的第三方购气方签署的 19.7 mtpa 的合同为期 20 年。该项目在超过额定产能的多余产能上产生每百万英热单位（MMBtu）0.50 美元的液化费用，这部分产能已与 Venture Global 的营销附属公司签约。在这种情况下，2035 年的最低 PLCR 为 1.33 倍。

Fitch's rating case assumes full SPA lifting and lower production capacity at 24 mtpa. This is based on the current DOE authorization for exports to non-FTA countries, which might be revised upwards if DOE authorization is obtained and the project continues to demonstrate performance above 24 mtpa. Fitch applies higher operating expenses, higher fuel gas use and lower gas prices. Under these assumptions, the minimum PLCR is 1.18x in 2035.

Fitch 的评级案例假设完全提取 SPA，且生产能力降低至 24 mtpa。这是基于当前对非自贸区国家出口的 DOE 授权，如果获得 DOE 授权并且项目继续表现超过 24 mtpa，可能会向上修订。Fitch 应用了更高的运营费用、更高的燃气使用和更低的气价。在这些假设下，2035 年的最低 PLCR 为 1.18 倍。

PEER GROUP

同行组

Fitch publicly rates several LNG projects that share similar features with VGPL. However, these have established operating histories that lead to moderated rating case stresses and demonstrate stronger financial profiles, resulting in investment-grade ratings.

惠誉对多个与 VGPL 具有相似特征的 LNG 项目进行了公开评级。然而，这些项目具有已建立的运营历史，导致评级案例压力适度，并展示出更强的财务状况，从而获得投资级评级。

Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable) uses widely proven liquefaction technology with large-scale trains powered by gas turbines. CCH is undertaking an expansion project that relies on mid-scale technology powered by electric motors similar to VGPL. It sources power from the local grid, which may be less complex than generating its own power (as VGPL does) but may expose the project to grid outages.

Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/稳定) 使用广泛验证的液化技术，配备由燃气涡轮驱动的大规模液化列车。CCH 正在进行一项扩建项目，依赖于类似 VGPL 的中型技术，采用电动机驱动。它从当地电网获取电力，这可能比 VGPL 自发电的方式更简单，但可能使项目面临电网停电的风险。

Both CCH and VGPL have contracted the majority of their capacity with creditworthy entities under SPAs and are responsible for gas procurement and transportation. Fitch views unrated counterparties as merchant. For VGPL, a small amount of capacity is contracted with below-investment-grade counterparties, which we do not view as a rating constraint. CCH has a rating case minimum PLCR of 3.1x.

CCH 和 VGPL 大部分产能已与信用良好的实体签订了长期购销协议（SPA），并负责天然气采购和运输。惠誉将未评级的对手方视为商户。对于 VGPL，少量产能与低于投资级的对手方签订合同，但我们不认为这会对评级构成限制。CCH 的评级案例最低 PLCR 为 3.1 倍。

Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/Stable) is a fully operational LNG project owned and developed by Cheniere Energy Inc. (CEI; BBB/Stable), as well as other investors. Similar to Venture Global, Sabine Pass has SPAs with counterparties of adequate credit quality, receives a fixed capacity fee and Henry Hub-tied fees for lifting, and manages the gas supply. Sabine Pass uses ConocoPhilips Optimized Cascade liquefaction technology, similar to CCH, but relies on its own power generation, akin to VGPL. Fitch's financial analysis for Sabine Pass incorporates merchant revenue, with a rating case minimum PLCR is 3.1x.

Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/稳定) 是一个完全运营的 LNG 项目，由 Cheniere Energy Inc. (CEI; BBB/稳定) 及其他投资者拥有和开发。与 Venture Global 类似，Sabine Pass 与信用质量足够的对手方签订了 SPA，获得固定的产能费用和与亨利中心挂钩的提取费用，并管理天然气供应。Sabine Pass 使用 ConocoPhilips 优化级联液化技术，类似于 CCH，但依赖于自身的发电，类似于 VGPL。惠誉对 Sabine Pass 的财务分析包含商户收入，评级案例最低 PLCR 为 3.1 倍。

FLNG Liquefaction 2, LLC (FLIQ2; senior secured notes BBB/Stable) is an independently financed project that is part of a multi-train development. The rating reflects FLIQ2's long-term tolling agreement, which provides a direct pass-through of gas procurement costs to a single investment-grade offtaker for nearly all of its capacity and no refinance risk. The strength of the revenue stream suggests a lower debt service coverage ratio (DSCR) threshold for any given rating level compared with VGPL. FLIQ2's rating case DSCRs average is 1.4x.

FLNG Liquefaction 2, LLC (FLIQ2; 高级担保票据 BBB/稳定) 是一个独立融资的项目，属于多列车开发的一部分。该评级反映了 FLIQ2 的长期收费协议，该协议为几乎所有产能提供了直接的天然气采购成本转嫁给单一投资级买方，并且没有再融资风险。收入流的强度表明，与 VGPL 相比，任何给定评级水平的债务服务覆盖率（DSCR）阈值较低。FLIQ2 的评级案例 DSCR 平均为 1.4 倍。

RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

评级敏感性可能单独或共同导致负面评级行动/降级的因素

-- Deterioration in Fitch's credit view for a material SPA offtaker or SPA guarantor;

-- 惠誉对重要 SPA 买方或 SPA 担保人的信用观点恶化；

-- A sustained decline in the minimum PLCR below 1.2x in the Fitch rating case due to cost escalation, negative Henry Hub basis or production shortfalls;

-- 在惠誉评级案例中，由于成本上升、亨利中心基差负面或生产不足，最低 PLCR 持续下降至 1.2 倍以下；

-- A sustained decline in the minimum PLCR below 1.2x due to changes in the capital structure.

-- 由于资本结构变化，最低 PLCR 持续下降至 1.2 倍以下。

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

可能单独或共同导致正面评级行动/升级的因素

-- Project demonstrates an operating profile with higher production or lower operating costs resulting in PLCR above 1.3x in the Fitch rating case;

-- 项目展示出更高的生产或更低的运营成本，导致在惠誉评级案例中 PLCR 超过 1.3 倍；

-- Project obtains the DOE authorization for exports to non-FTA countries above 24 mtpa assumed in our rating case, while maintaining production above these levels;

-- 项目获得美国能源部对非自贸协定国家出口超过我们评级案例中假设的 24 百万吨每年（mtpa）的授权，同时保持生产在这些水平之上；

-- A reduction in refinancing exposure leading to lower assumed debt costs and rating case financial metrics above 1.3x.

-- 减少再融资风险，导致假设的债务成本降低和评级案例财务指标超过 1.3 倍。

TRANSACTION SUMMARY

交易摘要

VGPL has placed 144A/Reg-S senior secured notes in aggregate amount of $3.0 billion to partially refinance the outstanding $5.7 billion term loan facility. The fixed-rate notes were issued in two tranches. The $1.75 billion 6.125% notes mature in 2030 and the $1.25 billion 6.500% notes mature in 2034. The notes rank pari passu with the term loan and other outstanding $6.5 billion senior secured notes.

VGPL 已发行 144A/Reg-S 高级担保票据，总金额为 30 亿美元，以部分再融资尚未偿还的 57 亿美元定期贷款。固定利率票据分为两个批次发行。17.5 亿美元的 6.125% 票据于 2030 年到期，12.5 亿美元的 6.500% 票据于 2034 年到期。这些票据与定期贷款和其他尚未偿还的 65 亿美元高级担保票据平等排名。

SECURITY

担保

First-priority security interest in substantially all assets of the issuer, Venture Global Gator Express, LLC (VGGE) as guarantor, and future subsidiaries (if any), pledge of 100% of the equity in the issuer, and guarantor, and all contracts, agreements (including material project agreements) and rights thereunder, certain accounts, cash flow and other revenues with customary exceptions to be agreed, consistent with existing credit facilities.

对发行人 Venture Global Gator Express, LLC (VGGE) 及担保人和未来子公司的几乎所有资产的第一优先担保权益，质押发行人和担保人 100% 的股权，以及所有合同、协议（包括重要项目协议）及其下的权利，某些账户、现金流和其他收入，具体例外需达成一致，符合现有信贷设施。

Date of Relevant Committee 02-Dec-2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. Climate Vulnerability Signals

相关委员会日期2025年12月2日作为评级关键驱动因素的实质性重要来源的参考分析中使用的主要信息来源在适用标准中进行了描述。气候脆弱性信号

The Climate.VS for VGPL is 55 at 2035. This is due primarily to the project's elevated exposure to floods, as well its broader exposure to LNG. The physical risks are mitigated by robust physical infrastructure and insurance policies, while transition risks are mitigated by capacity payments due to the project even if no LNG is lifted. The Climate.VS does not influence the current rating.

VGPL 的气候脆弱性信号（Climate.VS）在 2035 年为 55。这主要是由于项目对洪水的高暴露，以及对 LNG 的更广泛暴露。物理风险通过强大的物理基础设施和保险政策得到缓解，而过渡风险则通过项目即使在没有提取 LNG 的情况下也能获得的容量支付得到缓解。气候脆弱性信号不影响当前评级。

Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the risks.

对评级的任何潜在未来影响可能与气候脆弱性信号框架中的示例评级影响不同，反映惠誉对风险评估的演变。

ESG Considerations

ESG 考量

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

ESG 信用相关性的最高级别为'3'，除非在本节中另有披露。'3'的评分意味着 ESG 问题对实体的信用影响中性或仅对其信用影响微乎其微，无论是由于其性质还是实体对其管理的方式。惠誉的 ESG 相关性评分不是评级过程中的输入；它们是对 ESG 因素在评级决策中相关性和重要性的观察。有关惠誉 ESG 相关性评分的更多信息，请访问 https://www.fitchratings.com/topics/esg/products#esg-relevance-scores。

Venture Global Plaquemines LNG, LLC

----Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 ; Long Term Rating

----Venture Global Plaquemines LNG, LLC/项目收入 - 高级担保债务/1；长期评级

------USD 1.25 bln 6.5% bond/note 15-Jun-2034 922966AF3; Long Term Rating; New Rating; BB; Rating Outlook Stable

------美元 12.5 亿 6.5% 债券/票据2034年6月15日到期 922966AF3；长期评级；新评级；BB；评级展望稳定

----Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT; Long Term Rating

----Venture Global Plaquemines LNG, LLC/项目收入 - 高级担保债务/1 LT；长期评级

------USD 1.75 bln 6.125% bond/note 15-Dec-2030 922966AE6; Long Term Rating; New Rating; BB; Rating Outlook Stable

------美元 17.5 亿 6.125% 债券/票据2030年12月15日到期 922966AE6；长期评级；新评级；BB；评级展望稳定

Contacts:

联系人：

Primary Rating Analyst

主要评级分析师

Yury Issaev,

尤里·伊萨耶夫，

Director

董事

+1 512 813 5708

yury.issaev@fitchratings.com

Fitch Ratings, Inc.

惠誉评级公司

2600 Via Fortuna, Suite 330

Austin, TX 78746

德克萨斯州奥斯丁 78746

Secondary Rating Analyst

次要评级分析师

Hitarth Mehta,

希塔尔特·梅赫塔，

Associate Director

副董事

+1 647 930 8304

hitarth.mehta@fitchratings.com

Committee Chairperson

委员会主席

Alex Nouvakhov,

亚历克斯·诺瓦科夫，

Senior Director

高级董事

+1 646 582 4876

alex.nouvakhov@fitchratings.com

MEDIA RELATIONS: Cristina Bermudez, New York, Tel: +1 212 612 7892, Email: cristina.bermudez@thefitchgroup.com

媒体关系：克里斯蒂娜·贝尔穆德斯，纽约，电话：+1 212 612 7892，电子邮件：cristina.bermudez@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息请访问 www.fitchratings.com

Applicable Model

适用模型

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

附带适用模型的括号中的数字包含指向提供模型描述的标准的超链接。

Third-party Model(11 November 2024,14 November 2025)

第三方模型（2024年11月11日，2025年11月14日）

ADDITIONAL DISCLOSURES

附加披露

Dodd-Frank Rating Information Disclosure Form

多德 - 弗兰克评级信息披露表

Solicitation Status

征求状态

Additional Disclosures For Unsolicited Credit Ratings

针对未经请求的信用评级的附加披露

Endorsement Status

认可状态

Endorsement Policy

认可政策

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仅适用于澳大利亚、新西兰、台湾和韩国：Fitch Australia Pty Ltd 持有澳大利亚金融服务许可证（AFS 许可证编号 337123），授权其仅向批发客户提供信用评级。Fitch 发布的信用评级信息不打算被根据 2001 年公司法定义的零售客户使用。

Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

Fitch Ratings, Inc.在美国证券交易委员会注册为国家认可的统计评级组织（“NRSRO”）。虽然某些 NRSRO 的信用评级子公司在 NRSRO 的 Form NRSRO 的第 3 项中列出，因此被授权代表 NRSRO 发布信用评级（见 https://www.fitchratings.com/site/regulatory），但其他信用评级子公司未在 Form NRSRO 中列出（“非 NRSRO”），因此这些子公司发布的信用评级并不是代表 NRSRO 发布的。然而，非 NRSRO 人员可能参与确定由 NRSRO 或代表 NRSRO 发布的信用评级。

惠誉将 Venture Global Plaquemines LNG 的 30 亿美元高级票据评级为'BB'