S&P: Massey Energy to stable view

Standard & Poor's said it revised its outlook on Massey Energy Co. to stable from negative, and affirmed its BB- corporate credit rating.

The outlook revision reflects the assessment of the company's performance in 2009, which was better than previously expected, S&P said.

The outlook change also incorporates an expectation that the company will sustain its operating performance during the next several quarters, despite weak steam coal demand, as a result of improved demand for met coal, the agency said.

The ratings also consider the company's limited geographic diversity, difficult mining conditions in Central Appalachia, high cost position and aggressive financial policy, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.