Barring an unexpected sharp decline in commodity prices, we expect significant improvement in U.S.-based Coeur D'Alene Mines' financial performance for the remainder of 2009 and throughout 2010 due to the ramp up of the low-cost Palemarjo mine. Healthier cash flows and the precious metal company's successful attempts to improve its precarious liquidity profile should be sufficient to fund its meaningful capital expenditure program for the remainder of 2009. We expect debt reduction and improved financial performance to result in improved credit metrics. We raised the corporate credit rating to 'B-' from 'CCC', raised the senior unsecured issue-level rating to 'CCC+' from 'CCC-', and left the recovery rating on the notes at '5'. The positive outlook points to the potential for
