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Alpha Natural Resources Inc. (New) Upgraded To 'BB' Following Merger With Foundation Coal
Standard & Poors, Aug 2009
Abstract
-- On July 31, 2009, the previously announced merger of Alpha Natural Resources Inc. and Foundation Coal Holdings Inc. was completed and we raised the corporate credit rating on the new entity-also named Alpha Natural Resources--to 'BB' from 'BB-'. -- We are raising the existing senior unsecured debt at Alpha and Foundation to 'BB' and revising the recovery ratings following our review of the capital structure. -- We are withdrawing the corporate credit and senior secured debt ratings at Alpha. -- The stable outlook reflects our expectation that despite lower demand for coal, due to recession-induced volume declines, Alpha's credit measures should be adequate for the 'BB' rating. NEW YORK (Standard & Poor's) Aug. 4, 2009--Standard & Poor's Ratings Services...
Companies mentioned in this report are: Alpha Natural Resources Inc. (New)
Action: Removed From CreditWatch
Action: Upgraded
Action: Withdrawn
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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