S&P rates Massey Energy notes BB-

Standard & Poor's said it assigned its BB- senior unsecured bond rating to the proposed $725 million notes due 2013 of Massey Energy Co. (BB-/stable).

The agency noted the proceeds from the note offering will be used to finance Massey's 2.25% convertible senior note exchange offer and its 6.95% senior note and 4.75% convertible senor note tender offers.

At the same time, S&P said it affirmed its other ratings on the company.

The agency added the ratings on Massey Energy reflect its limited geographic diversity, difficult operating environment, high cost position and aggressive financial leverage, while the ratings also reflect favorable industry conditions and a high percentage of metallurgical-grade coal sales.

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