{"id":2492,"date":"2022-12-16T13:32:09","date_gmt":"2022-12-16T17:32:09","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2492"},"modified":"2025-06-29T13:33:40","modified_gmt":"2025-06-29T17:33:40","slug":"new-fortress-energy-south-power-holdings-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/new-fortress-energy-south-power-holdings-limited-3\/","title":{"rendered":"New Fortress Energy South Power Holdings Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING ACTION:<\/strong><\/p>\n<p>On December 7, 2022, CariCRIS reaffirmed the credit ratings assigned to the up to US $285 million bond issue of New Fortress Energy South Power Holdings Limited (NFE SPH or the Company) of <em>Cari<\/em><strong>A-<\/strong> (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and <em>jm<\/em><strong>AA-<\/strong> (Local Currency Rating) on the Jamaican national<strong>. <\/strong>A<strong> stable<\/strong> outlook was assigned.<\/p>\n<p class=\"badge\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and \/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Successful operations of the CHP plant over the next two to three years, in accordance with design specifications and on-time compliance with the PPA and SSA deliverables over the period.<\/li>\n<li>An improvement in the creditworthiness of the guarantor (NFE), sustained over 2 consecutive years.<\/li>\n<li>2 consecutive years of reported profit after tax of the Company, leading to an improvement in its financial position and TNW.<\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering of the ratings\/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Deterioration in the creditworthiness of the guarantor (NFE), thereby reducing its ability to honour its guaranteed commitment to NFE SPH in a timely manner, if so required<\/li>\n<li>Breach of contract by the O&amp;M counterparty, Caribbean Blue Skies Energy, which may have a negative impact on operations<\/li>\n<li>Any material litigation which may affect NFE or NFE SPH<\/li>\n<li>Breach of any of the bond covenants<\/li>\n<li>A material reduction in the CHP plant\u2019s availability which would impair its ability to deliver output stipulated in the PPA and SSA<\/li>\n<li>Failure by NFE or NFE SPH to capitalise the principal reserve account, at the appropriate time<\/li>\n<li>The inability of NFE SPH to refinance the bullet payment if necessary<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/p>\n<p>Analysts&#8217; Contact Information<\/p>\n<div>Keith Hamlet<\/div>\n<div>Mobile : 1-868-487-4356<\/div>\n<div><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/div>\n<div><\/div>\n<div>Sultan Mohammed<\/div>\n<div>Mobile\u00a0: 1-1868-362-7304<\/div>\n<div><a href=\"mailto:smohammed@caricris.com\">smohammed@caricris.com<\/a><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On December 7, 2022, CariCRIS reaffirmed the credit ratings assigned to the up to US $285 million bond issue of New Fortress Energy South Power Holdings Limited (NFE SPH or the Company) of CariA- (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and jmAA- (Local Currency Rating) on the Jamaican national. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2492","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Fortress Energy South Power Holdings Limited - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/new-fortress-energy-south-power-holdings-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Fortress Energy South Power Holdings Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On December 7, 2022, CariCRIS reaffirmed the credit ratings assigned to the up to US $285 million bond issue of New Fortress Energy South Power Holdings Limited (NFE SPH or the Company) of CariA- (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and jmAA- (Local Currency Rating) on the Jamaican national. 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