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Arch Coal Inc. 'BB' Credit Rating Placed On Watch Negative After Acquisition Announcement Mar 09
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 9, 2009--Standard & Poor's Ratings Services said today that it placed its ratings on St. Louis-based Arch Coal Inc. (Arch), including its 'BB' corporate credit rating, on CreditWatch with negative implications. The placement follows Arch's announcement that it has agreed to purchase Rio Tinto PLC's Jacobs Ranch mine in the Powder River Basin of Wyoming for $761 million. Arch currently anticipates financing this transaction with a combination of internally generated cash flow from operations, borrowings under the company's $800 million revolving credit facility, and possibly other debt securities. Based on our initial analysis, we have determined that if the acquisition closes as currently proposed, and market conditions remain in line with our expectations, we...
Companies mentioned in this report are: Arch Coal Inc.
Action: 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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