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S&P: International Coal outlook stable
Standard & Poor's said it revised its outlook on International Coal Group LLC to stable from negative and affirmed its B- corporate credit rating.
The agency said the outlook revision reflects its assessment that despite weaker earnings expected next year, the company's near-term operating performance will likely result in continued compliance with the financial covenants governing its bank credit facility. S&P's expectation of lower earnings stems from anticipated weaker coal demand as utilities work through their currently high inventory positions.
Although International Coal's liquidity is still somewhat limited, the stable outlook also recognizes that liquidity has improved because of the company's free cash-flow generation this year, the agency added.
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