S&P ups Sabine Pass Liquefaction

S&P said it raised Sabine Pass Liquefaction LLC’s senior secured debt rating to BBB+ from BBB.

“The upgrade reflects SPL's debt reduction over the past two years, and consequently an improvement in its debt service coverage ratio (DSCR) during our forecast period,” S&P said in a statement.

The agency noted SPL repaid about $1.5 billion or 11% of its total debt outstanding. Of this amount, $1 billion was repaid in 2022 with cash on hand, $700 million was made available to SPL from its parent.

The outlook is stable.

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