unsolicited approach, page-72

The BB- standard and poors rating is very serious, the definition means highly speculative. Below that there are the C rating. The C ratings have definitions like substatial risks, extremely speculative and in default with little prospect for recovery.

http://en.wikipedia.org/wiki/Credit_rating

Although the rating does not apply to Endo coal, it does effect potential offtake partners. It could also be a reflection on industry as a whole.