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Arch Coal Inc. Ratings Placed on Watch Negative on Plans to Acquire Vulcan Coal May 03
Standard & Poors, May 2003
Abstract
NEW YORK (Standard & Poor's) May 29, 2003--Standard & Poor's Ratings Services said today that it has placed its 'BB+' corporate credit ratings on Arch Coal Inc. and its 99%-owned subsidiary, Arch Western Resources LLC, on CreditWatch with negative implications following the company's announcement that it has reached a definitive agreement to acquire Vulcan Coal Holdings LLC, the equity owner of Triton Coal Co., for $346 million. St. Louis, Mo.-based Arch Coal had $705 million in debt at March 31, 2003. 'The acquisition would improve the company's position in the key Powder River basin and provide synergies, particularly with respect to Vulcan's North Rochelle mine, which is adjacent to Arch Coal's Black Thunder mine,' said Standard & Poor's credit analyst...
Companies mentioned in this report are: Arch Coal Inc.,Arch Western Resources LLC
Action: Downgraded, On CreditWatch Negative
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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