The ratings on Coeur D'Alene Mines Corp. reflect its limited liquidity, its comparatively small position as a precious metals company with 2002 production of 14.8 million ounces of silver and 117,000 ounces of gold, and its high cost position. Despite an improvement in silver prices to $4.93 per ounce currently from its low of $4.06 in 2001, the company continues to incur net losses. For the six months ended June 30, 2003, Coeur incurred a net loss of $5 million (adjusted for the loss on the early retirement of debt). Coeur has undertaken several initiatives to improve its cost profile. The company has increased its production and reduced its average costs with the April 2002 commencement of mining operations at
