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Rating Action:

Moody's Changes Ratings on 39 North American Metals & Mining Companies under LGD Rating Methodology

27 Sep 2006
Moody's Changes Ratings on 39 North American Metals & Mining Companies under LGD Rating Methodology

New York, September 27, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the North American Metals & Mining sector. The North American Metals & Mining sector included 39 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individually rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the North American Metals & Mining sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Asterisks ("*") denote certain ratings may be under review.

AK Steel Corporation, B1

PDR: B1

$450 million 7.875% Senior Unsecured Notes due 2009, B1 --> B2, LGD4, 59%

$550 million 7.75% Senior Unsecured Notes due 2012, B1 --> B2, LGD4, 59%

*Aleris International, Inc., B1

PDR: B1

$400 million Gtd. Senior Secured Term Loan, Ba3 --> Ba3, LGD3, 32%

*Aleris Deutschland Holding GMBH

$250 million Gtd. Senior Secured Term Loan, Ba3 --> Ba3, LGD3, 34%

Allegheny Technologies Inc., Ba2

PDR: Ba2

$300 million 8.375% Senior Unsecured Notes due 2011, Ba3 --> B1, LGD6, 90%

Allegheny Ludlum Corporation

$150 million 6.95% Gtd. Debentures due 2025, Ba2 --> Ba2, LGD4, 53%

Alpha Natural Resources LLC, B1

PDR: B1

$249 million Gtd. Senior Secured Term Loan B due 2012, B1 --> B1, LGD3, 42%

$275 million Gtd. Senior Secured Revolving Facility due 2010, B1 --> B1, LGD3, 42%

$175 million 10% Gtd. Senior Unsecured Notes due 2012, B2 --> B3, LGD5, 89%

Arch Coal, Inc., Ba3

PDR: Ba3

Arch Western Finance LLC

$950 million 6.75% Gtd. Senior Unsecured Notes due 2013, Ba3 --> B1, LGD4, 67%

California Steel Industries, Inc., Ba2

PDR: Ba2

$150 million 6.125% Senior Unsecured Global Notes, Ba2 --> Ba3, LGD5, 71%

Century Aluminum Company, Ba3

PDR: Ba3

$250 million 7.5% Gtd. Senior Unsecured Notes due 2014, Ba3 --> B1, LGD5, 77%

$175 million 1.75% Convertible Gtd. Senior Unsecured Notes due 2024, Ba3 --> B1, LGD5, 77%

*Chaparral Steel Company, B1

PDR: B1

$150 million Gtd. Senior Secured Revolving Credit Facility, Ba2 --> Ba1, LGD2, 16%

$300 million 10% Gtd. Senior Unsecured Notes due 2013, B1 --> B2, LGD4, 68%

CONSOL Energy Inc., Ba2

PDR: Ba2

$250 million 7.875% Gtd. Senior Secured Notes due 2012, Ba2 --> Ba1, LGD2, 28%

$45 million 8.25% Gtd. Senior Secured MTNs due 2007, Ba2 --> Ba1, LGD2, 28%

Claymont Steel, Inc., Caa1

PDR: B3

$170.5 million Gtd. Senior Secured Flt. Rt. Global Notes, Caa1 --> Caa1, LGD4, 64%

CST Industries, Inc., B2

PDR: B2

$20 million Senior Secured 1st Lien bank Facility due 2011, B2 --> B1, LGD3, 34%

$100 million Senior Secured 1st Lien Bank Facility due 2013, B2 --> B1, LGD3, 34%

Drummond Company, Inc., Ba3

PDR: Ba3

$500 million Five-year Revolving Facility, Ba3 --> Ba3, LGD4, 54%

$200 million Term Loan Facility due 2011, Ba3 --> Ba3, LGD4, 54%

$400 million 7.375% Senior Unsecured Notes due 2016, Ba3 --> Ba3, LGD4, 54%

Earle M. Jorgensen Company, Ba3

PDR: Ba3

$250 million 9.75% Senior Secured Global Notes, Ba3 --> Ba3, LGD4, 59%

Euramax International, Inc., B2

PDR: B2

$80 million Senior Secured 1st Lien Bank Facility due 2011, B2 --> B1, LGD3, 34%

$319.3 million Senior Secured 1st Lien Bank Facility due 2012, B2 --> B1, LGD3, 34%

$190 million Senior Secured 2nd Lien Bank Facility due 2013, Caa1 --> Caa1, LGD5, 81%

Euramax Holdings Limited

EUR 71.3 million Senior Secured 1st Lien Bank Facility due 2012, B2 --> B1, LGD3, 34%

GBP 14.9 million Senior Secured 1st Lien Bank Facility due 2012, B2 --> B1, LGD3, 34%

Foundation PA Coal Company, Ba2

PDR: Ba2

$300 million 7.25% Gtd. Senior Unsecured Notes due 2014, Ba3 --> Ba3, LGD5, 83%

Freeport-McMoran Copper & Gold Inc., Ba3

PDR: Ba3

$340 million 6.875% Senior Unsecured Notes due 2014, B1 --> B1, LGD5, 80%

$272 million 10.125% Senior Unsecured Notes due 2010, B1 --> B1, LGD5, 80%

$55 million 7.5% Senior Unsecured Notes due 2006, B1 --> B1, LGD5, 80%

$0.2 million 7.20% Senior Unsecured Notes due 2026, B1 --> B1, LGD5, 80%

*Gerdau Ameristeel Corporation, Ba2

PDR: Ba2

$405 million 10.375% Gtd. Senior Unsecured Global Notes, Ba2 --> Ba3, LGD4, 61%

Gibraltar Industries, Inc., Ba2

PDR: Ba2

$300 million Senior Secured Revolving Bank Facility due 2010, Ba1 --> Ba1, LGD3, 31%

$125 million Senior Secured Term Loan due 2012, Ba1 --> Ba1, LGD3, 31%

$201 million 8% Senior Subordinated Notes due 2015, Ba3 --> Ba3, LGD5, 83%

HudBay Minerals, Inc., B1

PDR: B1

Hudson Bay Mining & Smelting Co., Ltd.

$55 million 9.625% Gtd. Senior Secured Notes due 2012, B1 --> Ba3, LGD3, 40%

Indalex Holding Corp., B3

PDR: B3

$270 million 11.5% Gtd. Senior 2nd Priority Secured Notes due 2014, B3 --> Caa1, LGD4, 68%

International Coal Group, Inc., B2

PDR: B2

$175 million 10.25% Gtd. Senior Unsecured Notes due 2014, B3 --> Caa1, LGD5, 79%

ICG, LLC

$325 million Gtd. Senior Secured Facility due 2011, B1 --> Ba3, LGD2, 25%

James River Coal Company, Caa1

PDR: Caa1

$100 million Senior Secured Facility due 2010, B3 --> B1, LGD2, 17%

$150 million 9.375% Gtd. Senior Unsecured Notes due 2012, Caa2 --> Caa2, LGD5, 71%

John Maneely Company, B1

PDR: B2

$200 million Gtd. Senior Secured Revolving Credit Facility, Ba3 --> Ba1, LGD2, 13%

$290 million Gtd. Senior Secured Term Loan, B2 --> B2, LGD4, 51%

Massey Energy Company, B1

PDR: B1

$754 million 6.875% Gtd. Senior Unsecured Notes due 2013, B1 --> B2, LGD4, 58%

$335 million 6.625% Gtd. Senior Unsecured Notes due 2010, B1 --> B2, LGD4, 58%

$10 million 2.25% Gtd. Convertible Senior Unsecured Notes due 2024, B1 --> B2, LGD4, 58%

$1 million 4.75% Gtd. Convertible Senior Unsecured Notes due 2023, B2 --> B3, LGD6, 97%

Metals USA, Inc., B1

PDR: B1

$275 million 11.125% Gtd. Senior Secured Global Notes, B3 --> B3, LGD5, 83%

National Coal Corporation, Caa2

PDR: Caa2

$55 million 10.5% Gtd. Senior Secured Notes due 2010, Caa2 --> Caa2, LGD4, 56%

*Novelis Inc., B1

PDR: B1

$500 million Gtd. Senior Secured Revolving Credit Facility, Ba3 --> Ba2, LGD2, 24%

$312 million Gtd. Senior Secured Term Loan B, Ba3 --> Ba2, LGD2, 24%

$1.4 billion 7.25% Gtd. Senior Unsecured Notes due 2015, B2 --> B3, LGD5, 76%

*Novelis Corporation

$543 million Gtd. Senior Secured Term Loan B, Ba3 --> Ba2, LGD2, 24%

Peabody Energy Corporation, Ba1

PDR: Ba1

$1.8 billion Gtd. Senior Unsecured Revolving Facility due 2011, Ba1 --> Ba1, LGD4, 52%

$943 million Gtd. Senior Unsecured Term Loan A due 2011, Ba1 --> Ba1, LGD4, 52%

$650 million 6.875% Gtd. Senior Unsecured Notes due 2013, Ba1 --> Ba1, LGD4, 52%

$240 million 5.875% Gtd. Senior Unsecured Notes due 2016, Ba1 --> Ba1, LGD4, 52%

Pinnoak Resources, LLC., B3

PDR: Caa1

$50 million Revolving Facility due 2011, B3 --> B3, LGD3, 32%

$125 million Term Loan Facility due 2012, B3 --> B3, LGD3, 32%

PNA Group, Inc., B1

PDR: B1

$250 million 10.75% Gtd. Senior Unsecured Global Notes, B3 --> B3, LGD5, 79%

RathGibson, Inc., B2

PDR: B2

$200 million 11.25% Senior Unsecured Global Notes, B2 --> B3, LGD4, 63%

Russel Metals, Inc., Ba1

PDR: Ba1

$175 million 6.375% Senior Unsecured Global Notes, Ba2 --> Ba2, LGD4, 68%

Ryerson, Inc., B1

PDR: B1

$150 million 8.25% Gtd. Senior Unsecured Global Bonds, B2 --> B3, LGD6, 91%

Steel Dynamics, Inc., Ba1

PDR: Ba1

$300 million 9.5% Gtd. Senior Unsecured Notes due 2009, Ba1 --> Ba2, LGD4, 65%

$80 million Senior 4% Unsecured Convertible Subordinated Notes due 2012, Ba2 --> Ba2, LGD6, 94%

Stillwater Mining Company, B1

PDR: B1

$100 million Term Loan Facility due 2010, B1 --> B1, LGD3, 43%

$40 million Revolving Credit Facility, B1 --> B1, LGD3, 43%

$30 million 8% State of Montana Revenue Bonds due 2020, B2 --> B3, LGD6, 93%

Tube City IMS Corp., B1

PDR: B1

$326.4 million Gtd. Senior Secured First Lien Term Loan B, B1 --> B1, LGD3, 43%

$50 million Gtd. Senior Secured Second Lien Term Loan, B3 --> B3, LGD5, 86%

*United States Steel Corporation, Ba1

PDR: Ba1

$348 million 10.75% Senior Unsecured Notes due 2008, Ba1 --> Ba1, LGD4, 64%

$49 million 10% Senior Unsecured Quarterly Income Debt Securities due 2031, Ba1 --> Ba1, LGD4, 64%

$378 million 9.75% Senior Unsecured Notes due 2010, Ba1 --> Ba1, LGD4, 64%

Allegheny Country Industrial Development Authority, PA

$42.4 million 5.0% Pollution Control Revenue Bonds due 2016, Ba1 --> Ba1, LGD4, 64%

USEC Inc., B1

PDR: B1

$150 million 6.75% Senior Unsecured Notes due 2009, B2 --> B3, LGD5, 75%

Wise Metals Group LLC, Caa3

PDR: Caa3

$150 million 10.25% Senior Secured Global Notes, Ca --> Ca, LGD5, 82%

New York
Brian Oak
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Carol Cowan
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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