The Irish Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: June 2012
- Region: Ireland
We have assigned an issue-level rating of 'BB-' and a recovery rating of '4' to U.S. coal producer Arch Coal Inc.'s (Arch Coal) $500 million 7.25% senior unsecured notes. The company has announced that it will use proceeds of the 7.25% notes to redeem $500 million of the $950 million 6.75% senior notes issued by Arch Western Finance LLC (AWF), a subsidiary of Arch Coal. Our issue-level and recovery ratings for Arch Coal's 8.75% notes remain unchanged at 'BB-' and '4'. Although the issue-level rating for AWF's notes remains unchanged at 'BB-', we have revised the recovery rating to '3' from '4'. In our view, the AWF notes have stronger recovery prospects than the Arch Coal notes because of their...
Companies mentioned in this report are: Arch Coal Inc.,Arch Western Resources LLC,Arch Western Finance LLC
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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Arch Coal Inc.,Arch Western Resources LLC,Arch Western Finance LLC