...+ We are assigning our 'B' long-term corporate credit rating to B.C.-based metallurgical (met) coal producer Conuma Coal Resources Ltd. + The rating primarily reflects our view of the company's limited operating breadth and favorable cash cost position, as well as the high sensitivity of Conuma's credit measures and liquidity to historically volatile met coal prices. + At the same time, we are assigning our 'B+' issue-level rating and '2' recovery rating to the company's proposed US$200 million senior secured notes, which we expect will be issued primarily to fund a special dividend to Conuma's shareholders. + The stable outlook reflects our expectation that the company will generate positive free operating cash flow generation and an adjusted debt-to-EBITDA ratio below 2x over the next 12 months, led by an increase in coal shipments amid a period of favorable met coal prices....
