S&P assigns FLNG notes BBB

S&P said it assigned its BBB issue-level rating to FLNG Liquefaction 2 LLC's $450 million senior secured notes due March 2038 that it raised on Feb. 3 through a private placement.

The outlook is stable.

FLNG2 used the net proceeds primarily to retire credit facility draws used to fund a portion of the cost to construct its 4.6 million tonne per year liquefied natural gas plant and associated facilities in the U.S. Gulf Coast.

S&P said the BBB issue-level rating reflects a favorable construction risk profile and progress thus far and a good operating risk profile that limits risk primarily to availability and operations and maintenance cost growth and that includes a minimum debt service coverage ratio of 1.73 times.

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