Patriot Coal Corp. Ratings Lowered To 'B' From 'B+' On Weaker-Than-Expected Demand; Ratings Remain On Watch Negative Feb 12

Standard & Poors, February 2012

Abstract
We expect U.S.-based Patriot Coal Corp.'s 2012 revenues and EBITDA will likely be lower than our previous expectations due to weaker market demand for thermal coal. As a result, we believe Patriot's credit metrics will deteriorate to a level no longer consistent with a 'B+' corporate credit rating. We are lowering our corporate credit and senior unsecured ratings on Patriot to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications. In resolving the CreditWatch listing, we will update our performance expectations and meet with management to discuss its near-term operating and financial prospects, including liquidity and end-market demand trends. NEW YORK (Standard & Poor's) Feb. 10, 2012--Standard & Poor's Ratings Services said today that it has lowered its...

Companies mentioned in this report are:
- Patriot Coal Corp.

Action: CreditWatch Update
Action: Downgraded
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.

- Patriot Coal Corp.

Customers who bought this item also bought

• U.S. DoD Missile Defense
• Kuwait Defence and Security Report Q2 2012
• Kuwait Defence and Security Report Q1 2013
• Japan Defence and Security Report Q4 2010
• Poland Defence and Security Report Q3 2011
• Taiwan Defence and Security Report Q4 2012
• Greece Defence and Security Report Q1 2012
• Greece Defence and Security Report Q4 2011
• Kuwait Defence and Security Report Q1 2011
• The Global Missiles and Missile Defense Systems Market