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Arch Coal Inc.'s $150 Mil. Convertible Preferred Stock Assigned 'B+' Preferred Stock Rating Jan 03
Standard & Poors, Jan 2003
Abstract
NEW YORK (Standard & Poor's) Jan. 24, 2003--Standard & Poor's Ratings Services said today that it has assigned its 'B+' preferred stock rating to Arch Coal Inc.'s $150 million of perpetual cumulative convertible preferred stock. Standard & Poor's said that at the same time it has affirmed its 'BB+' corporate credit rating on the company. The outlook remains stable. St. Louis, Mo.-based Arch Coal had approximately $747 million of debt outstanding at Dec. 31, 2002. The company plans to pay down its revolving credit facility with a portion of the proceeds from the preferred issuance. The remainder will be used for working capital and general corporate purposes. 'The ratings on Arch Coal Inc. reflect the company's diversified base of reserves...
Companies mentioned in this report are: Arch Coal Inc.
Action: New Rating
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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