NEW YORK Alpha
Natural Resources Inc.s ratings have been
placed under review by Moodys Investors Service for
a possible downgrade due to ongoing weakness in the global
metallurgical and thermal coal markets.
This includes the
companys "B1" corporate family rating, probability of
default rating, rating on senior secured term loan and "B2"
rating on senior unsecured debt, Moodys said Aug. 5.
The Bristol, Va.-based
company recently reported a second-quarter net loss of $185.7
million, citing falling global metallurgical coal prices and a
weak steel market (
amm.com, Aug. 5).
"The rating action was
prompted by recent deterioration in performance due to
continuing weakness in the coal industry and our view that if
metallurgical coal prices persist at the recent benchmark
settlement price of $145 per ton," New York-based Moodys
Alpha expects coal
shipments to total 83 million to 91 million tons this year.
A version of this
article was first published in AMM sister publication Steel