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Alpha Natural Resources Ratings Placed On Watch Negative On Planned Acquisition Of Massey
Standard & Poors, Jan 2011
Abstract
U.S.-based Alpha Natural Resources Inc. has announced plans to acquire Massey Energy Corp. for approximately $7.1 billion in equity, debt, and cash. We are placing the ratings on Alpha on CreditWatch with negative implications. The CreditWatch reflects our concerns that the integration of an acquisition of this size could prove challenging, and that the company's credit metrics could be stretched if significant debt is added to the balance sheet. The ratings on Massey Energy remain on CreditWatch with developing implications, where they were placed on Oct. 19, 2010. In resolving the CreditWatch listings, we will monitor the progress made in completing the proposed transaction and the resulting capital structure. NEW YORK (Standard & Poor's) Jan. 31, 2011--Standard & Poor's Ratings...
Companies mentioned in this report are: Alpha Natural Resources Inc. (New)
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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