On Jan. 29, 2020, S&P Global Ratings affirmed its 'BB' long-term issuer credit rating and its 'BBB-' issue-level rating on liquefied natural gas (LNG) developer Cheniere Energy Inc. (CEI). The company's business risk continues to improve based on recently completed trains and our expectation of additional trains coming on line. CEI's consolidated credit metrics reflect higher but improving debt-to-EBITDA as the company executes its plan to reduce leverage. The stable outlook reflects the expected completion of two additional LNG trains, which supports business risk and provides additional cash flow. We believe that CEI's business risk continues to improve. The company has strong predictability of volume deliveries through its long-term sales and purchase agreements. These contracts span approximately 20 counterparties, which
