NEW YORK (Standard&Poor's CreditWire) Dec. 9, 1999--Standard&Poor's today affirmed its ratings on Pittston Co. (see list below) following the company's announcement that it would exit the coal mining business and eliminate its tracking stock structure. Pittston has indicated that it will seek buyers for its domestic coal assets during 2000 and that it expects 2000 earnings before interest, taxes, depreciation, and amortization (EBITDA) to be around $400 million, regardless of the timing of the coal divestiture. Pittston's coal business suffers from the burden of an estimated $600 million of liabilities, primarily retiree medical benefits, black lung benefits, worker's compensation and land reclamation expenses. The majority of these liabilities are funded on a pay-as-you go basis over
