Summary: Foundation Coal Corp.

Standard & Poors, September 2008

Abstract
The rating on Foundation Coal reflects the company's aggressive financial leverage (including legacy liabilities), production concentration, and the inherent operating risks of coal mining. Foundation's competitive cost position and favorable long-term coal industry conditions partially offset these risks. Although Standard & Poor's Ratings Services is concerned about escalating costs and environmental challenges, we maintain a favorable longer-term outlook for the coal industry because of depleting reserve bases in the Central Appalachia region, difficulties in permitting new development opportunities, high prices for alternative fuel choices, and positive supply demand trends in the U.S. coal market. Foundation has some production concentration, with four mines--Belle Ayr and Eagle Butte in the Powder River Basin (PRB) in Wyoming and Emerald and Cumberland in Northern...

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

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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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