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Arch Coal Ratings Affirmed, Off Watch; Bank Loan Rating Lowered; New Senior Notes Rated Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 17, 2003--Standard & Poor's Ratings Services said today that it has affirmed its 'BB+' corporate credit ratings on Arch Coal Inc. and its 99%-owned subsidiary Arch Western Resources LLC and removed them from CreditWatch where they were placed May 29, 2003, following the company's announcement that it intended to buy Vulcan Coal Holdings. The current outlooks on both companies are negative. At the same time, Standard & Poor's lowered its senior secured bank loan rating on ACI's $350 secured million revolving credit facility to 'BB' from 'BB+' and assigned its 'BB+' rating to Arch Western's $700 million of senior unsecured notes. 'The bank loan rating was lowered to reflect the increased borrowings under the...
Companies mentioned in this report are: Arch Coal Inc.,Arch Western Resources LLC
Action: Affirmed, Off CreditWatch
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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