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Fitch rates Peabody notes BB+
Fitch Ratings said it assigned a BB+ rating to Peabody Energy Corp.'s $650 million senior unsecured notes due 2020.
The company has an issuer default rating, senior unsecured bank facility and senior unsecured notes rated BB+, and convertible junior subordinated debentures due 2066 rated BB-.
The outlook is stable.
Proceeds of the notes are to be used to redeem the company's $650 million senior notes due March 2013.
Fitch currently rates Peabody as follows:
Peabody's credit ratings reflect large, well-diversified operations, good control of low-cost production, strong liquidity and moderate leverage.
Total debt with equity credit/EBITDA for the 12 months ended June 30 was 1.9 times.
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