Peabody Energy downgraded at S&P on coal market
weakness
- Standard & Poor's cuts its credit rating on Peabody Energy (BTU) a notch further into junk territory, to BB from BB+, believing coal market conditions will remain difficult for the next year or two.
- BTU continues to face low domestic thermal coal prices as utilities continue to work off still-high inventories, S&P says; overseas, prices of met have fallen significantly amid lower demand in Europe, slowing economic activity in China, and a lack of operating disruptions.
- Last week, Moody's and Fitch downgraded their respective ratings on BTU.
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