Houston, Texas-based liquefied natural gas company Cheniere Energy has raised about $300 million of cash through a common stock offering which it will use to pay off a $300 million May 2012 debt maturity. Cheniere's actions and plans to improve its liquidity position and capital structure are ongoing. We are placing the ratings on Cheniere and its primary subsidiary Sabine Pass on CreditWatch with positive implications. The rating on Cheniere constrains the rating on Cheniere's subsidiary Sabine Pass. On Dec. 16, 2011, Standard & Poor's Ratings Services placed its 'CCC+' corporate credit rating on Cheniere Energy Inc. and Sabine Pass LNG L.P.'s 'B+' debt rating on CreditWatch with positive implications. The recovery rating on Sabine Pass's debt remains unchanged at...
Companies mentioned in this report are:
- Cheniere Energy Inc.
- Sabine Pass LNG L.P.
Action: CreditWatch Update
Action: On CreditWatch:Positive
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Product Type: Research Update
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