S&P: Warrior Met Coal notes B-

S&P said it affirmed its B- corporate credit rating on Warrior Met Coal Inc. and assigned a B- issue-level rating to the proposed $350 million senior secured notes due in 2024.

The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default.

The outlook is stable.

“The ratings on Warrior are characterized by the company's narrow production base, low cash costs, and volatile earnings owing to price and volume swings for metallurgical (met) coal,” the agency said in a news release.

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