Cheniere Energy And Sabine Pass LNG Ratings Are Raised On Debt Paydown And Progress On LNG Project; Outlook Positive Feb 12

Standard & Poors, February 2012

Abstract
We believe Houston, Texas-based liquefied natural gas company (LNG) Cheniere Energy, Inc.'s recent deleveraging demonstrates improved capital market access resulting from progress on its LNG export project. Cheniere's abilities to improve its liquidity position and capital structure have become more credible, and have raised its credit profile, in our opinion. Cheniere repaid $298 million in principal plus accrued interest that was outstanding on its 2007 term loan that was due in May 2012 with a portion of the $331 million in net proceeds that it raised in its December 2011 common stock offering. Cheniere's subsidiary Sabine Pass Liquefaction, LLC has made significant progress on its export project by contracting 16 million tons per year of liquefaction capacity under long-term "take-or-pay"-style...

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

Action: On CreditWatch:Positive
Action: Removed From CreditWatch
Action: Upgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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