text: **Why is an investment grade rating on its debt securities important to CHK?**
  We believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt 
  securities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company’s 
  borrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake. 
  Higher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in 
  order to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts 
  to sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance 
  Chesapeake’s ability to further attract world-class energy companies to participate in our joint venture projects, 
  which profitably monetize a portion of our leasehold investments and also accelerate the development of our 
  resource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an invest- 
  ment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors. 