S&P puts Massey Energy ratings on watch

[Joanne98]

Source: Business Week

Standard & Poor's Ratings Services on Wednesday put Massey Energy on its CreditWatch list with negative implications following the explosion at a Massey mine in West Virginia that killed 25 miners. Four miners remain missing.

S&P could lower or affirm Massey's "BB-" non-investment grade corporate credit rating after it completes a review.

S&P said the explosion at Massey's Upper Big Branch mine in Montcoal, W.Va., on Monday probably means the mine will be out of operation for a long time and sales of up to 1.2 million tons of metallurgical coal used in steelmaking could be lost.

The ratings agency estimates that lost production could cost the company $50 million in earnings.


Read more: http://www.businessweek.com/ap/financialnews/D9EUCA881.htm

[DoBotherMe]

1. Save a penny, spend a pound

With fines and court awards and lost income, they would've been better off correcting the safety violations. Stupid. Dana ; )

[Tansy_Gold]

2. greed will do that to you.

I feel sorry, though, for the surviving miners who are now out of work. There should be some provision made for them.


May Don Blankenship rot in hell.