According to a statement by Venture Global, Calcasieu Pass’s credit rating was upgraded to an investment-grade ‘BBB-’ from ‘BB+’ by S&P Global Ratings.
Venture Global said the upgrade on the facility’s $4.75 billion outstanding senior secured notes and $900 million outstanding construction term loan comes after Calcasieu Pass started commercial operations on April 15, 2025, and began delivering LNG under its long-term sales and purchase agreements.
Calcasieu Pass also completed the lenders’ reliability test (LRT) in May 2025.
“The outlook on the rating is stable, reflecting the strength of the offtake agreements and our expectation that the project will generate volumes at or above nameplate capacity on a sustained basis,” according to the ratings note issued by S&P.
Venture Global launched commercial operations at its Calcasieu Pass LNG terminal in Louisiana some 68 months from its final investment decision and 38 months after production start.
Calcasieu Pass produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, and the first commissioning cargo left the facility on March 1, 2022.
The Calcasieu Pass facility consists of 18 modular units configured in 9 blocks.
Customers of the Calcasieu Pass facility include Shell, BP, Repsol, Edison, Galp, PGNiG, now part of Orlen, Sinopec’s unit Unipec, and CNOOC.
Venture Global also recently received approval from the US FERC to increase the peak liquefaction capacity of its Calcasieu Pass LNG terminal.
Calcasieu Pass proposed to increase the project’s authorized export capacity from 12 million metric tons per annum (mtpa) to 12.4 mtpa, or approximately 620 billion cubic feet per year (Bcf/y) to 640.7 Bcf/y, to reflect the project’s actual capabilities under optimal conditions.
