Alpha Natural Resources Inc. (New)
Standard & Poors, August 2009
Abstract
Diverse product mix; Strong liquidity position; and Large and diversified reserve base. Exposure to slowing steel production and declining electricity consumption; Near-term declining coal prices; Some mine concentration in the Powder River Basin; and High-cost Central Appalachia mines. The corporate credit rating on Alpha Natural Resources Inc. reflects the company's production concentration and ongoing cost pressures, as well as the inherent operating risks of coal mining. A relatively diversified reserve and product base, improved cost position, good liquidity, and favorable long-term coal industry conditions somewhat temper these weaknesses. Abingdon, Va.-based Alpha, following its merger with Foundation PA Coal Co., is now the third-largest U.S. coal producer, as measured by its $4.2 billion in combined 2008 coal sales. It operates over...
Companies mentioned in this report are: Alpha Natural Resources Inc. (New),Foundation PA Coal Co.
Action: Review
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: Full Analysis
Alpha Natural Resources Inc. (New),Foundation PA Coal Co.
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