Ratings agency Standard & Poor's says it does not expect any material improvement in conditions in the liquefied natural gas market in the next few years.
LNG prices have slumped more than 75 per cent over the past two years amid a glut of supply globally, casting doubts over the future of several planned mega-LNG projects.
S&P forecasts global LNG supply to increase by nearly 40 per cent between 2015 and 2020, based on projects already under construction.
"We see the broader LNG market a bit like the proverbial oil - or LNG - tanker, slow to change direction," S&P credit analyst Simon Redmond said.
"Given the volume of new supply, mostly contracted but also uncontracted, it would take a material event to shift market expectations in 2016."
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Energy giant Woodside Petroleum last month shelved its $US30 billion Browse project off Western Australia due to the challenging market environment.
The collapse in prices comes as Australia, with seven major LNG projects constructed in recent years, remains on track to overtake Qatar as the world's largest exporter in 2018.
S&P cut its ratings for scores of global oil and gas companies in February after lowering its oil price assumption for 2016.
It LNG companies are somewhat protected from growing supply because most volumes are sold through long term contracts.
"Their uncontracted or deferred cargoes may be exposed to spot LNG prices, but the long term supply contracts mean the revenues are more closely linked to oil prices or other benchmarks," the ratings agency said.
Earlier on Wednesday, Woodside Petroleum said it had signed a preliminary agreement with Indonesia's PT Pertamina to supply between 0.5 to 1.0 million tonnes of LNG per annum over a period of 15 to 20 years.
