New Fortress (NFE) Falls 5% on Credit Concerns

Core Insights - New Fortress Energy Inc. (NASDAQ:NFE) is experiencing significant financial difficulties, highlighted by a recent drop in stock price and a credit rating downgrade from S&P Global Ratings [1][3]. Financial Performance - On a recent trading day, New Fortress's stock fell by 5.17%, closing at $1.10 per share, reflecting ongoing concerns about its financial stability [1]. - The company's credit rating was downgraded to 'SD' (Selective Default) by S&P Global Ratings, indicating it has failed to meet specific financial obligations but is expected to continue meeting some commitments [3][4]. Debt Restructuring - New Fortress has extended its forbearance agreement with holders of its senior secured notes due 2029 from December 15, 2025, to January 9, 2026, as part of its restructuring efforts [2]. - S&P Global Ratings anticipates that the company will use the forbearance period to negotiate a solution for restructuring its debt across its capital structure, with a high likelihood of a conventional or selective default outcome [5]. Future Outlook - S&P Global Ratings will reassess its ratings on New Fortress as significant developments related to the capital structure occur or when a more comprehensive debt-restructuring plan is announced [6].