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Sabine Pass LNG L.P. Apr 11 Product Image

Sabine Pass LNG L.P. Apr 11

  • Published: April 2011
  • Standard & Poors

FEATURED COMPANIES

  • Cheniere Energy Inc.
  • Sabine Pass LNG L.P.
  • MORE

Abstract
Strong take-or-pay terminal use agreements with highly creditworthy counterparties for 50% of the project's capacity, which that provide stable cash flows; Absence of commodity or environmental exposure in the project's operations; Strong ring-fencing protections that insulate its credit quality from that of parent Cheniere Energy Inc. and its other subsidiaries; and A debt-service reserve account, which covers six months of interest payments on the notes. Strong economic incentive for Cheniere's creditors to try to break the ring-fencing if Cheniere declares bankruptcy; A highly leveraged financing structure; Significant dependence on Cheniere Investments for revenues; and Limited ability to incur meaningful additional debt. Houston-based liquefied natural gas (LNG) project Sabine Pass LNG L.P. is an indirect subsidiary of Cheniere Energy Inc. (CCC+/Negative/--),...

Companies mentioned in this report are:
- Sabine Pass LNG L.P.
- Cheniere Energy Inc.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured READ MORE >

- Sabine Pass LNG L.P.
- Cheniere Energy Inc.

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