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Arch Coal Inc.'s Proposed $500 Million Senior Unsecured Notes Rated 'BB-' Aug 10
Standard & Poors, Aug 2010
Abstract
U.S.-based coal producer Arch Coal Inc. is planning to issue $500 million of senior unsecured notes, pursuant to Arch's existing universal shelf registration, with proceeds used to call a portion of Arch Western Finance LLC's $950 million senior secured notes. We are assigning an issue-level rating of 'BB-' to Arch's proposed $500 million senior unsecured notes due 2020. The recovery rating is '4'. We are also affirming our ratings on the company, including the 'BB-' corporate credit rating. The stable rating outlook reflects our expectation that operating performance will continue to improve due to higher met coal prices. As a result, Arch will likely maintain credit measures we would consider appropriate for the 'BB-' rating with leverage of about 3x...
Companies mentioned in this report are: Arch Coal Inc.
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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