Fitch Ratings announced on April 22, 2025, that it has assigned Excelerate Energy Limited Partnership (EELP) a first-time Long-Term Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. This rating reflects EELP's stable cash flow profile, execution and re-contracting risk, and strong financial profile.
The proceeds from EELP's proposed issuance of senior unsecured notes will be utilized to help fund its acquisition of New Fortress Energy Inc.'s Jamaica assets and to pay down existing debt. Pro-forma for this acquisition, EELP's weighted average remaining contract term is expected to be approximately 10 years.
This development provides external validation of the strategic importance and financing of the Jamaica asset sale from New Fortress Energy's perspective. It confirms the buyer's ability to fund the acquisition, which is crucial for New Fortress Energy's debt reduction strategy.
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