Standard & Poor’s Ratings Services has revised Santos’ long-term senior unsecured credit rating from BBB+ (negative outlook) to BBB (negative outlook).
Santos Chief Financial Officer Andrew Seaton said that Santos is unaffected by S&P rating change and the company retained an investment grade credit rating from S&P.
“Santos has a robust funding position, with approximately $2 billion in cash and undrawn debt facilities available as at 30 November 2014,” says Seaton. “S&P in their announcement note Santos’ track record of a conservative funding approach, favourable debt maturity profile and adequate liquidity.”
Seaton added that S&P noted that project execution risks are diminishing, with PNG LNG starting production in April 2014 and GLNG 90% complete in November 2014.
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LNG World News Staff, Image: Santos