The ratings on Idaho-based Coeur D'Alene Mines Corp. reflect the company's vulnerable business risk profile as a small, capital-intensive precious metal company with a modest scope of operations, political and environmental risks, relatively high cost operations, and exposure to volatile precious metal prices. Coeur D'Alene has undertaken several initiatives to improve its cost profile and bolster its reserve base. Toward the latter goal, the company has been acquiring and developing lower-cost mines. The high capital expenditures associated with these acquisitions have resulted in negative free cash flow over the past few years and constrained liquidity. Standard&Poor's Ratings Services expects that the company's operations will continue to require substantial capital spending to replace mined reserves. The U.S. Supreme Court
