We expect that the unseasonably warm winter weather has substantially weakened demand for deicing rock salt and will likely result in significantly lower 2012 EBITDA for American Rock Salt Co. LLC (ARS). We are placing our ratings on ARS, including the 'B' corporate credit rating, on CreditWatch with negative implications. In resolving the CreditWatch placement, we will monitor ARS' contracted position, cash flow, and capital spending plans over the next several months and assess the impact of its earnings and liquidity position on the rating. On March 28, 2012, Standard&Poor's Ratings Services placed its ratings, including the 'B' corporate credit rating, on Mount Morris, N.Y.-based American Rock Salt Co. LLC (ARS) on CreditWatch with negative implications. The CreditWatch
