S&P affirms Sabine Pass

S&P said it affirmed its BBB- issue-level rating on the $13.65 billion of senior secured notes issued by Sabine Pass Liquefaction LLC.

The outlook is stable.

Sabine Pass is building a liquefied natural gas production facility for up to six trains in Louisiana.

“Construction is progressing well in terms of schedule and budget,” the agency said in a news release.

Bechtel Oil, Gas & Chemicals Inc. is building the trains under fixed-price, date-certain engineering, procurement and construction contracts. Trains one through four are operational. Completion of train five is planned for the first half of 2019.

S&P said it expects that construction will progress as planned and that construction costs, now mostly associated with train five, will not increase materially in the two-year outlook period.

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