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S&P boosts Arch Resources
S&P said it boosted Arch Resources Inc.’s secured debt to BB- from B and the issuer rating to B from B-. The agency also revised the recovery rating on the secured debt to 1 from 2. The 1 rating indicates very high recovery (90%-100%, rounded estimate: 95%) in default.
S&P noted Arch voluntarily repaid nearly $400 million of debt and prefunded $100 million of its asset retirement obligations.
“Arch will generate stronger cash flows in fiscal years 2022 and 2023 propelled by strong market dynamics. Arch's operations continue to benefit from strong commodity markets as thermal and metallurgical coal (met coal) prices remain elevated above their 10-year historical average prices,” the agency said in a press release.
S&P said it forecasts Arch will deliver EBITDA of about $1.2 billion-$1.5 billion in fiscal 2022, which is more than double fiscal 2021.
The outlook is positive.
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