On March 25, 2009, Standard & Poor's Ratings Services kept its recovery rating on Foundation PA Coal Co.'s $300 million senior unsecured notes due 2014 following a review and update of the recovery analysis. The issue-level rating is 'B' (two notches below the corporate credit rating of the company) with a recovery rating of '6', which indicates our expectation of negligible (0% to 10%) recovery in the event of a payment default. Foundation Coal Corp. is the guarantor of this issue. In assigning recovery ratings, we simulate a payment default scenario that incorporates a borrower's fundamental business and financial risks inherent in its existing capital structure. Our methodology assumes that all committed debt is fully funded, but generally does not...
Companies mentioned in this report are:
- Alpha Natural Resources Inc.
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