Criteria | Corporates | Industrials: Key Credit Factors: Methodology And Assumptions On Risks In The Mining Industry Jun 09
Standard & Poors, June 2009
Abstract
Standard & Poor's Ratings Services is refining its methodology and assumptions related our assessments of various industries, and we are publishing this article to help market participants better understand our approach. For more, see "Criteria: Principles of Corporate and Government Ratings," which we published on June 26, 2007, on RatingsDirect at www.ratingsdirect.com and Standard & Poor's Web site at www.standardandpoors.com. Standard & Poor's assesses the business risk profile in the mining industry as being higher than that of some other industries and sectors. The key credit factors in this assessment are: The industry's high cyclicality, earnings volatility and operating leverage; Risks associated with development of mining projects; and Geographic and foreign-exchange risks. Standard & Poor's analytic framework for industrial companies...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Alcoa Inc.
- BHP Billiton Ltd.
- Carpenter Technology Corp.
- Newmont Mining Corp.
- Nucor Corp.
- Worthington Industries Inc.
- Coeur d'Alene Mines Corp.
- Commercial Metals Co.
- Gerdau Ameristeel Corp.
- Rio Tinto PLC
- Norsk Hydro ASA
- SSAB AB
- Freeport-McMoRan Copper & Gold Inc.
- Consol Energy Inc.
- Drummond Co. Inc.
- AK Steel Holding Corp.
- GrafTech International Ltd.
- Ryerson Inc.
- Allegheny Technologies Inc.
- Steel Dynamics Inc.
- Baosteel Group Corp.
- USEC Inc.
- Peabody Energy Corp.
- ArcelorMittal
- China Steel Corp.
- Arch Coal Inc.
- California Steel Industries Inc.
- Stillwater Mining Co.
- Massey Energy Co.
- Century Aluminum Co.
- United States Steel Corp.
- ThyssenKrupp AG
- James River Coal Co.
- BHP Billiton PLC
- Aluminum Corp. of China Ltd.
- OAO Magnitogorsk Metallurgical Kombinat
- Walter Energy Inc.
- Anglo American PLC
- Alumina Ltd.
- Compass Minerals International Inc.
- Eco-Bat Technologies Ltd.
- Xstrata PLC
- Aleris International Inc.
- Baoshan Iron & Steel Co. Ltd.
- Wise Metals Group LLC
- Alpha Natural Resources Inc.
- International Coal Group LLC
- OAO TMK
- Eregli Demir ve Celik Fabrikalari T.A.S.
- Kloeckner & Co. S.E.
- NLMK OJSC
- Tube City IMS Corp.
- Evraz Group S.A.
- The New Reclamation Group Pty Ltd.
- Indalex Holding Corp.
- Continental Alloys & Services Inc.
- Griffin Coal Mining Company Pty Ltd. (The)
- JMC Steel Group Inc.
- Reliance Steel & Aluminum Co.
- Metals USA Holdings Corp.
- Edgen Murray II L.P.
- Oxbow Carbon LLC
- Noranda Aluminum Holding Corp.
- Cristal Mining Australia Ltd.
- Delong Holdings Ltd.
- Gold Fields Ltd.
- McJunkin Red Man Holding Corp.
- Hidili Industry International Development Ltd.
- Alpha Natural Resources Inc.(Old)
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