Summary: Cheniere Energy Inc. Mar 12
Standard & Poors, March 2012
Abstract
The 'B-' corporate credit rating on Houston-based energy company Cheniere Energy Inc. reflects its weak business risk profile and highly leveraged financial risk profile. We upgraded the company's rating in February 2012 to 'B-' from 'CCC+' to reflect the company's improved capital markets access to support continuing operations and address future debt maturities, as evidenced by its $331 million December 2011 equity issuance, its January 2012 repayment of $298 million in term loans due in May 2012, and its subsequent announcement in February 2012 of arrangements to execute a $2 billion subordinated unit sale to Blackstone. We believe Cheniere's improved access is driven by significant progress on the company's liquefaction project at subsidiary Sabine Pass Liquefaction LLC. Specifically, the execution...
Companies mentioned in this report are: 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 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Cheniere Energy Inc.
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