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S&P ups Alliance Resource notes
S&P said it affirmed its BB+ corporate credit rating on Alliance Resource Partners LP. The outlook is stable.
At the same time, S&P raised the issue-level rating on the company's senior unsecured debt ($400 million of 7˝% senior unsecured notes due in 2025) to BB from BB-. The recovery rating on the debt is revised to 5 from 6, reflecting an expectation of modest recovery (10%-30%; rounded estimate: 10%) in the event of default.
Alliance Resource Operating Partners LP and Alliance Resource Finance Corp. are the issuers of the notes.
“We are affirming our rating on Alliance based on consistent operating and financial results. Alliance has consistently achieved EBITDA margins above 30% and we anticipate the same over at least the next year,” S&P said in a news release.
“We also expect adjusted leverage to remain just below 1.5x over the next year, with moderately lower average realized coal prices partially offset by increasing production.”
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