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S&P: Massey developing watch
Standard & Poor's said it kept the ratings on Massey Energy Co., including the BB- corporate credit rating, on CreditWatch with developing implications.
The ratings were placed on CreditWatch with developing implications on Oct. 19 based on reports that the company was exploring strategic alternatives, which could include its possible sale, the agency said.
The CreditWatch reflects Massey's pending acquisition by Alpha Natural Resources Inc. for about $7.1 billion, S&P said.
On Jan. 29, Alpha Natural Resources (BB/Watch negative) announced its intention to acquire Massey Energy in a combination of equity, debt and cash, the agency said. Massey stockholders will receive 1.025 shares of Alpha common stock and $10 in cash for each share of Massey common stock.
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