Standard&Poor's recently lowered several ratings on Coeur D'Alene Mines Corp. and placed all ratings on CreditWatch with negative implications. The ratings action followed the company's recent filing of a proposal to exchange its 6.375% and 7.25% convertible subordinated notes for new convertible subordinated notes that have a par value significantly less than that of the existing subordinated notes. The company is attempting to restructure and reduce its debt levels, as it may not be able to meet its current debt service requirements in the future. Standard&Poor's would consider the completion of the exchange to be tantamount to a default, since the total value of the proposed notes from the exchange offer will be significantly less than
