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Alpha Natural Resources' $1.5 Bil. Notes, To Fund Massey Acquisition, Rated 'BB', On Watch Negative; Recovery Rating '3'
Standard & Poors, May 2011
Abstract
U.S. coal producer Alpha Natural Resources Inc. is issuing $1.5 billion senior unsecured notes to partially finance its pending $8.5-billion acquisition of Massey Energy Co. We have assigned a 'BB' issue-level rating and '3' recovery rating to the proposed notes. The issue rating is on CreditWatch with negative implications and will remain so until the acquisition closes. The ratings on Alpha Natural Resources Inc. remain on CreditWatch with negative implications. The ratings on Massey remain on CreditWatch with developing implications. NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BB' issue-level rating and '3' recovery rating to U.S. coal producer Alpha Natural Resources Inc.'s proposed $1.5 billion senior unsecured notes. The...
Companies mentioned in this report are: Alpha Natural Resources Inc. (New),Alpha Natural Resources Inc.(Old),Foundation PA Coal Co.
Action: New Rating
Action: On CreditWatch:Negative
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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