The ratings on Coeur D'Alene Mines Corp. reflect its limited liquidity, near-term refinancing risk, and its high cost position. Coeur is a comparatively small precious metals company with 2002 production of 14.8 million ounces of silver and 117,000 ounces of gold. Coeur has increased its production and reduced its average costs with the April 2002 commencement of mining operations at its new low-cost mines (Cerro Bayo in Chile and Martha in Argentina), primarily a result of their higher grade ore. To date, results have been promising, as the cash costs at these mines were 91 cents per ounce compared to its total average cash cost of $2.89 for the year ended Dec. 31, 2002. However, despite improvement in its cash
