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S&P says Massey Energy unchanged
Standard & Poor's said that its ratings on Massey Energy Co. (BB/negative/--) remain unchanged following the recent schedule 13-D Securities and Exchange Commission filings by shareholders JANA Partners LLC and Third Point LLC requesting that the company repurchase common shares through an increase in financial leverage.
S&P said the existing negative outlook incorporates the risk that these shareholders could invoke measures that would be detrimental to creditors.
The accumulation of Massey's shares by JANA (6.3%) and Third Point (5.9%) is of concern because of their historical aggressive financial maneuvering. A meaningful increase in financial leverage to repurchase shares would most likely lead to a ratings downgrade, the agency said.
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