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new balance discount code 2013 A Credit Analysis For Coal Mining Companies Peabody Energy Corporation Investing in coal miners can be risky. The coal mining index has dropped 40% this year and several companies' valuations are at multiyear low levels. The industry faces various challenges including deteriorating coal prices and increasing regulatory requirements. Even worse, most mining companies are highly levered due to the intense capital requirements. On 6/14/2013, it was reported that Walter Energy (WLT) pulled a planned $1.55 billion credit refinancing due to market conditions. WLT's price fell 17% after the news and other coal mining companies fell 37% as well.The decreasing coal price will force miners to shut production and the coal mining industry will eventually recover after the supply and demand reach a new balance. But it may take several months or years before this recovery can happen. Until then, the industry will continue to face challenges and there could be more bankruptcies or consolidations. If you want to take advantage of the recent price drop and invest in the coal mining industry, it is crucial to conduct a thorough credit analysis and search companies with lower default risk in the industry. In this article, I provide this analysis and compare the default risk of several large US coal miners. My analysis focuses on four aspects: credit ratings, Altman Zscore, risk factors and debt structure.I picked the seven largest US coal mining companies to conduct my credit analysis. I chose US companies so that I can exclude the sovereign risk. These seven companies are:Peabody Energy Corporation (BTU)Alliance Resource Partners (ARLP)Alpha Natural Resources (ANR)Arch Coal Inc (ACI)Walter EnergyWestmoreland Coal Company (WLB)James River Coal Company (JRCC)Figure 1 shows the price movements of these seven companies over the last 6 months. Table 1 shows several key statistics of these companies as of Q1 2013.