Research Update: Cheniere Energy Inc.'s And Sub's Ratings Are Placed On CreditWatch Positive On Potential Debt Paydown Dec 11
- ID: 2034044
- December 2011
- Standard & Poors
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >