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Alpha Natural Resources Inc. May 11
Standard & Poors, May 2011
Abstract
Diverse product mix, Strong liquidity position, and Large and diversified reserve base Some mine concentration in the Powder River Basin, High-cost mines in Central Appalachia, Somewhat aggressive growth strategy, and Inherent risks of coal mining The continued CreditWatch listing of Alpha Natural Resources Inc. reflects Alpha's pending acquisition of Massey Energy Co.'s assets in a transaction valued at approximately $8.5 billion, which Alpha expects to finance with a combination of equity, debt, and balance sheet cash. Subject to shareholder approval, the deal is expected to close by June 2011. (For more details on the terms of the transaction, please see our initial research update on the transaction, published Jan. 31, 2011, on RatingsDirect on the Global Credit Portal.) Following the...
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.
Research Type: Full Analysis
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