Fitch Ratings-Austin-12 December 2025:

惠譽評級 - 奧斯丁-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.

惠譽評級已對 Venture Global Plaquemines LNG, LLC（VGPL）發行的 30 億美元高級擔保票據賦予'BB'評級，分為兩個批次。評級展望為穩定。票據的收益用於部分再融資 VGPL 現有的定期貸款設施。

RATING RATIONALE

評級理由

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 高級擔保票據的'BB'評級反映了其財務狀況，基於與大多數信用良好的買方簽訂的 20 年期、按需支付的銷售和購買協議（SPA），年產能力為 1970 萬噸。

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，建設已完成約 99%，不包括可能需要的調試和整改工作，所有應急資金已用於覆蓋成本。剩餘的資金需求將通過自 2024 年 12 月開始的調試貨物銷售來滿足，惠譽預計將產生遠高於需求的收益。

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.

自營項目面臨運營成本波動，並且缺乏主要的維護儲備賬户。這一點通過經過驗證的技術、與原始設備製造商（OEM）簽訂的長期服務協議（LTSA）以及惠譽在財務分析中考慮的更高成本壓力得以彌補。獨立工程師（IE）確認，自 2025 年 1 月以來，工廠的表現遠超額定產能。在惠譽的評級案例中，假設的生產水平比額定產能高出 400 萬噸，符合當前能源部（DOE）對非自由貿易協定（FTA）國家的出口授權，並低於更新後的 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.

債務結構類似於其他評級的液化天然氣（LNG）項目，具有再融資風險和寬鬆的額外債務條款。多次發行的債券具有到期一次性償還的特點，用於部分再融資分期償還的定期貸款，導致 2033 年後債務服務增加。惠譽的評級案例強調了產能、燃料使用、天然氣價格、運營成本和再融資利率，結果在 2035 年最低項目生命週期覆蓋比率（PLCR）為 1.18 倍。

KEY RATING DRIVERS Completion Risk - High Stronger

關鍵評級驅動因素 完成風險 - 高強勁

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.

先進的完成狀態與緩解的資金短缺：該項目處於先進的建設完成階段，正在逐步提高產量，計劃中的 36 台設備中已有 34 台投入使用。剩餘的兩台設備預計將在年底前上線。第一階段的建設截至 2025 年 8 月已完成 99%，第二階段的建設完成 96%，不包括調試和整改工作。剩餘的建設成本約為 1.35 億美元，不包括建設期間的利息和調試及提升成本。VGPL 預計，從 2025 年 12 月到 2026 年 12 月，調試和提升的資本成本約為 13 億美元，由調試貨物銷售資金支持。

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 台設備正在使用臨時補充電力生產 LNG，直到聯合循環發電廠完成。由於這些問題以及電力設施所需的整改工作，根據與 KZJV 的 EPC 合同，預計的實質性完成日期已推遲 5-6 個月。這些缺陷通過使用補充臨時系統進行管理，對生產沒有影響。預計在目標的第一階段商業運營日期（COD）之前，實質性完成仍然可行，第一階段 COD 在 2026 年第四季度，第二階段 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 採用多承包商結構，合作伙伴包括經驗豐富的專業承包商，如貝克休斯（BHGE）、通用電氣、霍尼韋爾 UOP、凱洛格·布朗·魯特（KBR）和 CB&I。BHGE 為項目提供關鍵設備，並且是由投資級母公司支持的經驗豐富的 OEM。KBR 與扎克里工業公司（KZJV）之間的合資企業在工程、採購和施工（EPC）方面發揮着重要作用，負責設施組件的集成、測試和調試。

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 合同主要基於可報銷的結構，使項目面臨成本上升的風險。項目已分配了所有應急資金；然而，由於分階段的完成計劃，已開始銷售調試貨物，管理層預計將產生足夠的收入來覆蓋剩餘的項目成本。

Operation Risk - Midrange

運營風險 - 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.

自營且具備一定運營經驗： VGPL 依賴關聯公司運營和管理設施，類似於美國其他 LNG 項目。截至 2025 年 11 月，這些關聯公司在 Venture Global Calcasieu Pass（VGCP）上已有超過兩年的生產提升和 LNG 生產記錄，該項目於2025年4月15日宣佈商業運營。該項目已從 LNG 行業內部招聘經驗豐富的員工，並與承包商協調，在商業運營前提供培訓支持。

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.

技術風險通過世界級 OEM 的測試、製造、運輸和設備安裝支持得到緩解。項目設計包括主要設備的內置冗餘、自發電力與電網相關停電隔離，以及允許超過額定產能的生產水平的性能保證。

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.

商業運營開始後出現的意外運營問題預計將由 OEM 和承包商提供的保修覆蓋。與貝克休斯公司（BHC）的 LTSA、維護預算以及項目設計的模塊化應允許可預測和分階段的維護成本，從而減輕與缺乏強制維護儲備要求相關的風險。

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 報告稱，該項目已制定了充分的運營計劃。Fitch 通過在其財務分析中納入額外的成本壓力來應對成本波動的風險。IE 還報告稱，在液化過程中使用電動機而非渦輪機應能減少停機時間。該項目對自身發電的依賴增加了運營複雜性，但通過避免與天氣相關的電網停電，可能提供更大的供應確定性。

Supply Risk - Midrange

供應風險 - 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 氣源供應，得到固定運輸能力的支持： 該項目的供應風險通過在氣源豐富的地區運營、經驗豐富的氣源採購團隊已在為調試貨物採購氣體，以及包括氣價回收條款的購氣合同得以緩解。VGPL 已簽署了四條管道的固定費率運輸能力的先例協議。這些管道能力在假設的債務結構期限內提供了足夠的供應量，超過 LNG 設施的額定生產能力。

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.

該項目依賴於 Gator Express 管道的兩個側支管段，將氣體從其他管道運輸到項目現場，從而消除了單點故障風險。根據市場顧問的説法，該項目的氣源採購方式應確保在近期至中期內有足夠的合同量，同時為長期需求保持適當的靈活性。

Revenue Risk - Composite - Midrange

收入風險 - 綜合 - 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 已與信用良好的購氣方簽署了 13 份長期 LNG 銷售協議，銷售量為 19.7 百萬噸每年（mtpa）。還有一份短期合同為 0.3 mtpa。任何超過這些合同承諾的能力將出售給 Venture Global LNG, Inc.（Venture Global；B+/負面）附屬公司。每份 SPA 提供的收入來自於容量支付，無論 LNG 的提取量如何，均會支付，以及每單位提取的 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.

該項目有效地通過與亨利中心氣價掛鈎的商品支付將可變燃料成本轉嫁，而固定成本則由 SPA 的固定容量費用覆蓋。這一結構使項目免受 LNG 需求的更廣泛趨勢影響。靈活的交付合同條款和超過與這些購氣方簽署的合同量的生產能力降低了項目在意外停機情況下未能滿足 SPA 交付義務的風險。

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.

約 10% 的收入將來自一家高評級企業的無評級子公司的 SPA，該子公司提供有限的母公司擔保。Fitch 評估了幾個緩解因素：VGPL 對這一現金流的低依賴性、母公司的信用支持水平、項目對交易對手的重要性，以及 SPA 定價與 Fitch 的市場價格假設的比較。這些因素支持將來自該 SPA 的現金流視為在合同指標閾值之下。Fitch 對來自無評級或低於項目評級的交易對手的收入應用市場閾值。

Debt Structure - 1 - Midrange

債務結構 - 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.

再融資風險通過錯峯到期結構得以緩解：該項目顯著面臨利率上升的風險。新的高級票據具有到期一次性償還的特徵，佔項目債務的約 25%，包括 65 億美元的定期貸款和之前發行的高級票據。定期貸款於 2029 年到期，並在到期前有有限的攤銷。多次發行具有到期一次性償還的債券用於部分再融資定期貸款，導致 2033 年後債務服務的增加。該項目必須對至少 75% 的可變利率風險進行對沖。

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.

債務結構包括 1.4 倍的高級債務覆蓋比率測試，以便進行額外的債務發行，以及 1.20 倍的股權分配測試用於高級票據，1.25 倍用於定期貸款。任何 SPA 的終止而沒有替代將要求強制提前還款，以維持 1.40 倍和 1.45 倍的覆蓋，分別考慮到在高級票據和定期貸款下失去該 SPA 的影響。

Financial Profile

財務狀況

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 的財務分析基於在 2025 年 12 月對剩餘的 57 億美元定期貸款進行部分再融資，VGPL 發行的非攤銷債券總額為 30 億美元。這些固定利率票據具有到期一次性償還的特徵，並分為兩系列，面值分別為 17.5 億美元和 12.5 億美元。這兩系列票據與定期貸款和之前發行的票據平等對待。

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.

這是 VGPL 今年的第三次發行。在 2025 年 4 月，VGPL 發行了 25 億美元的債券，隨後在 7 月又發行了 40 億美元的平等對待的債券。Fitch 應用了壓力再融資利率，並假設債務在 SPA 的 20 年期限內完全攤銷。

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 的基本案例假設 LNG 的生產能力為 28 mtpa，反映當前的管道限制。IE 報告指出，該工廠可以超過這一水平。各個生產線的峯值產出已證明超過 22.5 mtpa 的 46%。與信用良好的第三方購氣方簽署的 19.7 mtpa 的合同為期 20 年。該項目在超過額定產能的多餘產能上產生每百萬英熱單位（MMBtu）0.50 美元的液化費用，這部分產能已與 Venture Global 的營銷附屬公司簽約。在這種情況下，2035 年的最低 PLCR 為 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 的評級案例假設完全提取 SPA，且生產能力降低至 24 mtpa。這是基於當前對非自貿區國家出口的 DOE 授權，如果獲得 DOE 授權並且項目繼續表現超過 24 mtpa，可能會向上修訂。Fitch 應用了更高的運營費用、更高的燃氣使用和更低的氣價。在這些假設下，2035 年的最低 PLCR 為 1.18 倍。

PEER GROUP

同行組

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.

惠譽對多個與 VGPL 具有相似特徵的 LNG 項目進行了公開評級。然而，這些項目具有已建立的運營歷史，導致評級案例壓力適度，並展示出更強的財務狀況，從而獲得投資級評級。

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+/穩定) 使用廣泛驗證的液化技術，配備由燃氣渦輪驅動的大規模液化列車。CCH 正在進行一項擴建項目，依賴於類似 VGPL 的中型技術，採用電動機驅動。它從當地電網獲取電力，這可能比 VGPL 自發電的方式更簡單，但可能使項目面臨電網停電的風險。

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 大部分產能已與信用良好的實體簽訂了長期購銷協議（SPA），並負責天然氣採購和運輸。惠譽將未評級的對手方視為商户。對於 VGPL，少量產能與低於投資級的對手方簽訂合同，但我們不認為這會對評級構成限制。CCH 的評級案例最低 PLCR 為 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+/穩定) 是一個完全運營的 LNG 項目，由 Cheniere Energy Inc. (CEI; BBB/穩定) 及其他投資者擁有和開發。與 Venture Global 類似，Sabine Pass 與信用質量足夠的對手方簽訂了 SPA，獲得固定的產能費用和與亨利中心掛鈎的提取費用，並管理天然氣供應。Sabine Pass 使用 ConocoPhilips 優化級聯液化技術，類似於 CCH，但依賴於自身的發電，類似於 VGPL。惠譽對 Sabine Pass 的財務分析包含商户收入，評級案例最低 PLCR 為 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; 高級擔保票據 BBB/穩定) 是一個獨立融資的項目，屬於多列車開發的一部分。該評級反映了 FLIQ2 的長期收費協議，該協議為幾乎所有產能提供了直接的天然氣採購成本轉嫁給單一投資級買方，並且沒有再融資風險。收入流的強度表明，與 VGPL 相比，任何給定評級水平的債務服務覆蓋率（DSCR）閾值較低。FLIQ2 的評級案例 DSCR 平均為 1.4 倍。

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

評級敏感性可能單獨或共同導致負面評級行動/降級的因素

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

-- 惠譽對重要 SPA 買方或 SPA 擔保人的信用觀點惡化；

-- 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;

-- 在惠譽評級案例中，由於成本上升、亨利中心基差負面或生產不足，最低 PLCR 持續下降至 1.2 倍以下；

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

-- 由於資本結構變化，最低 PLCR 持續下降至 1.2 倍以下。

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

可能單獨或共同導致正面評級行動/升級的因素

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

-- 項目展示出更高的生產或更低的運營成本，導致在惠譽評級案例中 PLCR 超過 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;

-- 項目獲得美國能源部對非自貿協定國家出口超過我們評級案例中假設的 24 百萬噸每年（mtpa）的授權，同時保持生產在這些水平之上；

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

-- 減少再融資風險，導致假設的債務成本降低和評級案例財務指標超過 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 已發行 144A/Reg-S 高級擔保票據，總金額為 30 億美元，以部分再融資尚未償還的 57 億美元定期貸款。固定利率票據分為兩個批次發行。17.5 億美元的 6.125% 票據於 2030 年到期，12.5 億美元的 6.500% 票據於 2034 年到期。這些票據與定期貸款和其他尚未償還的 65 億美元高級擔保票據平等排名。

SECURITY

擔保

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.

對發行人 Venture Global Gator Express, LLC (VGGE) 及擔保人和未來子公司的幾乎所有資產的第一優先擔保權益，質押發行人和擔保人 100% 的股權，以及所有合同、協議（包括重要項目協議）及其下的權利，某些賬户、現金流和其他收入，具體例外需達成一致，符合現有信貸設施。

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

相關委員會日期2025年12月2日作為評級關鍵驅動因素的實質性重要來源的參考分析中使用的主要信息來源在適用標準中進行了描述。氣候脆弱性信號

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 的氣候脆弱性信號（Climate.VS）在 2035 年為 55。這主要是由於項目對洪水的高暴露，以及對 LNG 的更廣泛暴露。物理風險通過強大的物理基礎設施和保險政策得到緩解，而過渡風險則通過項目即使在沒有提取 LNG 的情況下也能獲得的容量支付得到緩解。氣候脆弱性信號不影響當前評級。

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.

對評級的任何潛在未來影響可能與氣候脆弱性信號框架中的示例評級影響不同，反映惠譽對風險評估的演變。

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 信用相關性的最高級別為'3'，除非在本節中另有披露。'3'的評分意味着 ESG 問題對實體的信用影響中性或僅對其信用影響微乎其微，無論是由於其性質還是實體對其管理的方式。惠譽的 ESG 相關性評分不是評級過程中的輸入；它們是對 ESG 因素在評級決策中相關性和重要性的觀察。有關惠譽 ESG 相關性評分的更多信息，請訪問 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/項目收入 - 高級擔保債務/1；長期評級

------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 億 6.5% 債券/票據2034年6月15日到期 922966AF3；長期評級；新評級；BB；評級展望穩定

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

----Venture Global Plaquemines LNG, LLC/項目收入 - 高級擔保債務/1 LT；長期評級

------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 億 6.125% 債券/票據2030年12月15日到期 922966AE6；長期評級；新評級；BB；評級展望穩定

Contacts:

聯繫人：

Primary Rating Analyst

主要評級分析師

Yury Issaev,

尤里·伊薩耶夫，

Director

董事

+1 512 813 5708

yury.issaev@fitchratings.com

Fitch Ratings, Inc.

惠譽評級公司

2600 Via Fortuna, Suite 330

Austin, TX 78746

德克薩斯州奧斯丁 78746

Secondary Rating Analyst

次要評級分析師

Hitarth Mehta,

希塔爾特·梅赫塔，

Associate Director

副董事

+1 647 930 8304

hitarth.mehta@fitchratings.com

Committee Chairperson

委員會主席

Alex Nouvakhov,

亞歷克斯·諾瓦科夫，

Senior Director

高級董事

+1 646 582 4876

alex.nouvakhov@fitchratings.com

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

媒體關係：克里斯蒂娜·貝爾穆德斯，紐約，電話：+1 212 612 7892，電子郵件：cristina.bermudez@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息請訪問 www.fitchratings.com

Applicable Model

適用模型

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

附帶適用模型的括號中的數字包含指向提供模型描述的標準的超鏈接。

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 - 弗蘭克評級信息披露表

Solicitation Status

徵求狀態

Additional Disclosures For Unsolicited Credit Ratings

針對未經請求的信用評級的附加披露

Endorsement Status

認可狀態

Endorsement Policy

認可政策

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所有惠譽信用評級均受某些限制和免責聲明的約束。請通過以下鏈接閲讀這些限制和免責聲明：HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS。此外，以下 HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT 詳細説明了惠譽對每個評級等級和評級類別的評級定義，包括與違約相關的定義。已發佈的評級、標準和方法論可隨時從此網站獲取。惠譽的行為準則、保密性、利益衝突、附屬防火牆、合規性及其他相關政策和程序也可在此網站的行為準則部分獲取。董事和股東的相關利益可在 HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY 獲取。惠譽可能已向被評級實體或其相關第三方提供了其他允許的服務或附屬服務。有關以 ESMA 或 FCA 註冊的惠譽評級公司（或該公司分支機構）為基礎的首席分析師的允許服務或附屬服務的詳細信息，請參見惠譽評級網站上該發行人的實體摘要頁面。

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版權 © 2022 惠譽評級公司、惠譽評級有限公司及其子公司。33 Whitehall Street, NY, NY 10004。電話：1-800-753-4824，(212) 908-0500。傳真：(212) 480-4435。未經許可，禁止全部或部分複製或轉發。保留所有權利。在發佈和維護其評級以及製作其他報告（包括預測信息）時，惠譽依賴於其從發行人和承銷商以及其他惠譽認為可信的來源獲得的事實信息。惠譽根據其評級方法對其依賴的事實信息進行合理調查，並在可用的情況下從獨立來源獲得該信息的合理驗證。惠譽的事實調查方式和所獲得的第三方驗證範圍將根據被評級證券及其發行人的性質、被評級證券的發行和銷售所在的司法管轄區的要求和慣例、相關公共信息的可用性和性質、對發行人及其顧問的管理層的訪問、預先存在的第三方驗證（如審計報告、約定程序信、評估、精算報告、工程報告、法律意見和其他第三方提供的報告）的可用性、與特定證券或發行人特定司法管轄區相關的獨立和合格的第三方驗證來源的可用性以及其他各種因素而有所不同。惠譽的評級和報告的用户應理解，增強的事實調查或任何第三方驗證都無法確保惠譽在評級或報告中依賴的所有信息都是準確和完整的。最終，發行人及其顧問對其提供給惠譽和市場的發行文件和其他報告中的信息的準確性負責。在發佈其評級及報告時，惠譽必須依賴於專家的工作，包括獨立審計師對財務報表的審計和律師對法律和税務事務的意見。此外，財務和其他信息的評級和預測本質上是前瞻性的，包含對未來事件的假設和預測，這些假設和預測本質上無法被驗證為事實。因此，儘管對當前事實進行了任何驗證，評級和預測仍可能受到在評級或預測發佈或確認時未預見的未來事件或條件的影響。

The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

本報告中的信息按 “原樣” 提供，不作任何形式的陳述或保證，Fitch 不保證本報告或其任何內容將滿足報告接收者的任何要求。Fitch 評級是對證券信用 worthiness 的意見。Fitch 的這一意見和報告基於 Fitch 持續評估和更新的既定標準和方法。因此，評級和報告是 Fitch 的集體工作成果，任何個人或個人羣體對評級或報告不承擔單獨責任。除非特別提及，評級不涉及因信用風險以外的其他風險導致的損失風險。Fitch 不參與任何證券的提供或銷售。所有 Fitch 報告均為共享作者。報告中提到的個人參與了報告中的意見，但不對其中的意見承擔單獨責任。這些個人僅為聯繫目的而被命名。提供 Fitch 評級的報告既不是招股説明書，也不是發行人及其代理人在證券銷售中向投資者彙編、驗證和呈現的信息的替代品。評級可能會在任何時候因 Fitch 的單獨裁量而更改或撤回。Fitch 不提供任何形式的投資建議。評級不是買入、賣出或持有任何證券的推薦。評級不對市場價格的充分性、任何證券對特定投資者的適用性或與任何證券相關的支付的免税性質或應税性進行評論。Fitch 從發行人、保險人、擔保人、其他債務人和承銷商那裏收取評級證券的費用。這些費用通常在每個發行中從 1,000 美元到 750,000 美元（或適用貨幣等值）不等。在某些情況下，Fitch 將對特定發行人發行的所有或部分發行，或由特定保險人或擔保人承保或擔保的發行進行評級，收取單一年度費用。這些費用預計在 10,000 美元到 1,500,000 美元（或適用貨幣等值）之間。Fitch 對評級的分配、發佈或傳播不構成 Fitch 同意在與根據美國證券法、英國 2000 年金融服務與市場法或任何特定司法管轄區的證券法提交的註冊聲明相關的情況下使用其名稱作為專家。由於電子出版和分發的相對高效性，Fitch 的研究可能比印刷訂閲者早多達三天提供給電子訂閲者。

For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

僅適用於澳大利亞、新西蘭、台灣和韓國：Fitch Australia Pty Ltd 持有澳大利亞金融服務許可證（AFS 許可證編號 337123），授權其僅向批發客户提供信用評級。Fitch 發佈的信用評級信息不打算被根據 2001 年公司法定義的零售客户使用。

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.在美國證券交易委員會註冊為國家認可的統計評級組織（“NRSRO”）。雖然某些 NRSRO 的信用評級子公司在 NRSRO 的 Form NRSRO 的第 3 項中列出，因此被授權代表 NRSRO 發佈信用評級（見 https://www.fitchratings.com/site/regulatory），但其他信用評級子公司未在 Form NRSRO 中列出（“非 NRSRO”），因此這些子公司發佈的信用評級並不是代表 NRSRO 發佈的。然而，非 NRSRO 人員可能參與確定由 NRSRO 或代表 NRSRO 發佈的信用評級。

惠譽將 Venture Global Plaquemines LNG 的 30 億美元高級票據評級為'BB'