Moody's Ratings has revised the outlook for Venture Global LNG, Inc. (VGLNG) and its subsidiary Venture Global Calcasieu Pass, LLC (VGCP) from positive to stable, while affirming VGLNG's B1 Corporate Family Rating. This action, affecting approximately $17 billion in debt securities, follows a credit negative tribunal decision from the International Chamber of Commerce in an arbitration case brought by BP Gas Marketing Limited. The tribunal found that VGCP breached its obligations by not declaring commercial operation in a timely manner. BP is seeking damages exceeding $1.0 billion, with a final award expected after a damages hearing in 2026. While any damages are a legal obligation of VGCP, Moody's anticipates that VGLNG would be the primary funding source. There are four other pending arbitration proceedings against VGCP from other customers with uncertain timelines.