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S&P cuts its corporate credit rating on Alpha Natural Resources (ANR +2.4%) to B+ from BB-...

S&P cuts its corporate credit rating on Alpha Natural Resources (ANR +2.4%) to B+ from BB- and assigns a B+ rating to ANR's proposed $500M senior unsecured notes due 2020. The downgrade reflects the likelihood that ANR's 2012 and 2013 EBITDA will be much lower than anticipated because of a sharp cyclical downturn in domestic coal demand.
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