A mild winter hasn’t been good for Knoxville-based coal company Xinergy, says Standard and Poor’s.
The ratings agency said it is placing its Xinergy ratings on CreditWatch with negative implications.
“The CreditWatch listing reflects our concern that weak demand for thermal coal due to an unseasonably warm winter in the company’s regional end market result in lower-than-expected 2012 earnings, leading to additional deterioration of the company’s fragile liquidity position,” according to a report on the Reuter’s website.
Xinergy’s key has mining operations are in West Virginia and Kentucky. The company provides coal to electric utilities and industrial users.
Read more from Reuters here.
With the markets plunging one day and soaring the next, the voices of doom are everywhere.
For a calmer view of the economy, check out Fortune’s interview with Warren Buffett.
Among other things, the Oracle of Omaha says Standard & Poor’s downgrade of U.S. debt was wrong and he isn’t worried about another economic downtown — not yet.
Fortune: Buffett: The lower stocks go, the more I buy
Cable network operator Scripps Networks Interactive Inc. received a solid thumbs up this week from Standard & Poor’s Ratings Services.
S&P upgraded its rating outlook on the Knoxville-based company to “stable” from “negative” based on its reduced debt and improved performance.
The agency also affirmed its “A-” corporate credit rating for Scripps Networks.