New Fortress (NFE) Soars 8.9% on Credit Rating Upgrade

Core Viewpoint - New Fortress Energy Inc. (NASDAQ:NFE) experienced a significant share price increase of 8.93% to close at $1.22 following a credit rating upgrade from S&P Global, moving from "Selective Default" (SD) to "CCC-" [1][4] Credit Rating Details - The upgrade to a "CCC-" credit rating indicates that New Fortress is currently vulnerable and relies on favorable conditions to meet its financial commitments [2][3] - A "CCC-" rating is one of the lowest ratings from S&P Global, suggesting limited capacity to meet obligations under adverse conditions [3] - The previous rating of SD indicated that the company was selectively defaulting on specific obligations while still meeting other payment obligations [4] Issue-Level Rating Changes - S&P Global also downgraded the issue-level rating on New Fortress Energy's senior secured term loan B to "CCC-" from "CCC" and its 2026 and 2029 notes to "CC" from "CCC-" [5]