...Foresight's credit profile (B3 CFR) is constrained by a small and concentrated portfolio of assets, history of recurring operational disruptions at its mines, inconsistent free cash flow generation since emerging from bankruptcy in June 2020, inability to benefit from a strong coal pricing environment in recent years due to legacy contracts at lower prices, event risk related to the company's ownership structure, and the secular headwinds facing the domestic thermal coal industry. The rating is supported by the relatively low cost structure for its mines, and limited amount of non-debt liabilities. Foresight has two complexes with a demonstrated excellent cost position (Williamson, Sugar Camp), one complex with a potential excellent cost position (Hillsboro), and one idled complex (Macoupin). We re-initiated ratings on Foresight on 30 July 2020 following the company's emergence from bankruptcy. Foresight, for which we had previously withdrawn ratings after the company filed bankruptcy on...