Industry Economic And Ratings Outlook: Stiffer Headwinds Are On The Horizon For Some U.S. Natural Resources Companies, Though Most Outlooks Hold Stable For Now Jul 12
Standard & Poors, July 2012
Abstract
Standard & Poor's Ratings Services' credit outlook for most companies in the U.S. natural resources sector is stable for 2012 and 2013. The notable exception is our negative outlook for coal miners. We expect coal companies to face a confluence of challenges including competition from cheap natural gas, higher costs related to environmental regulations, and weaker economic conditions globally. Other metals and mining firms, as well as forest products and building materials companies, should fare better--though rating upside is limited given our given our baseline assumption for tepid economic growth in the U.S. over the next two years. Downside rating risks include the potential for a hard landing in China, a more severe-than-expected recession in Europe, or a disruption in...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Coeur d'Alene Mines Corp.
- Commercial Metals Co.
- Consol Energy Inc.
- Westmoreland Coal Co.
- Kaiser Aluminum Corp.
- Associated Materials LLC
- AK Steel Holding Corp.
- Allegheny Technologies Inc.
- Tandus Flooring Inc.
- Steel Dynamics Inc.
- USEC Inc.
- Arch Coal Inc.
- Mohawk Industries Inc.
- Builders FirstSource Inc.
- NCI Building Systems Inc.
- Interline Brands Inc.
- United States Steel Corp.
- James River Coal Co.
- Appleton Papers Inc.
- Walter Energy Inc.
- Graphic Packaging International Inc.
- Norcraft Cos. L.P.
- Ply Gem Industries Inc.
- CPG International Inc.
- American Rock Salt Co. LLC
- Alpha Natural Resources Inc.
- Boise Cascade LLC
- Packaging Dynamics Corp.
- Verso Paper Holdings LLC
- Roofing Supply Group LLC
- Generac Power Systems Inc.
- JMC Steel Group Inc.
- Reliance Steel & Aluminum Co.
- McJunkin Red Man Corp.
- Jacuzzi Brands Corp.
- Edgen Murray II L.P.
- Vulcan Materials Co.
- Ryerson Holding Corp.
- Fairmount Minerals Ltd.
- Global Brass and Copper Inc.
- Xinergy Corp.
- Boart Longyear Ltd.
- International Wire Group Holdings Inc.
- Phoenix Services International LLC
- Allied Nevada Gold Corp
- Patriot Coal Corp.
- New Enterprise Stone & Lime Co. Inc.
- PaperWorks Industries Holding Corp.
- Molycorp Inc.
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