Summary: Alpha Natural Resources Inc.

Standard & Poors, March 2010

Abstract
The corporate credit rating on Alpha Natural Resources Inc. (Alpha) 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 is the third-largest U.S. coal producer, as measured by its $3.4 billion in combined 2009 pro forma revenues, and is the largest producer of metallurgical coal in the U.S. It operates more than 60 mines distributed among the three major coal regions of Central Appalachia (CAPP), Northern Appalachia (NAPP), and the Powder River Basin (PRB). However, there is still some level of mine concentration, as about...

Companies mentioned in this report are: Alpha Natural Resources Inc. (New)
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Alpha Natural Resources Inc. (New)

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