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Cheniere Energy Inc. Mar 12 Product Image

Cheniere Energy Inc. Mar 12

  • Published: March 2012
  • Standard & Poors

FEATURED COMPANIES

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

Abstract
Demonstrated ability to access capital markets to address debt maturities. Contracted cash flows at subsidiary Sabine Pass LNG L.P. should service project-level debt and allow for modest distributions. Contracted cash flows at subsidiary Sabine Pass Liquefaction LLC could significantly increase distributions to Cheniere starting in 2016. Cheniere's unrestricted cash balance supports short-term interest payments until principal maturity in August 2012. Highly leveraged financial risk profile and 2012 debt maturity, which heighten liquidity concerns. Weak short-term liquefied natural gas (LNG) import prospects for Cheniere Investments and Cheniere Marketing, and no long-term track record or customer relationships. Ring-fencing structure between the Sabine Pass project and Cheniere that prevents direct distributions. Management's intent to pursue additional business opportunities that could increase business risk...

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

Action: Review

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

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