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Santos unaffected by rating change

LNG Industry,

Santos has noted that Standard & Poor’s Rating Services (S&P) has revised its long-term senior unsecured credit rating for Santos from BBB+ to BBB.

The company’s CFO, Andrew Seaton, said that Santos retained an investment grade credit rating from S&P.

Seaton explained: “Santos has a robust funding position, with approximately AUS$2 billion in cash and undrawn debt facilities available as at 30 November 2014.

“S&P in their announcement note Santos’ track record of a conservative funding approach, favourable debt maturity profile and adequate liquidity.

“Furthermore, S&P notes project execution risks are diminishing, with PNG LNG starting production in April 2014 and GLNG 90% complete in November 2014.”

Adapted from press release by Katie Woodward

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