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Summary: Foundation Coal Corp.
Standard & Poors, September 2008
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)
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.
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Alpha Natural Resources Inc. (New)