EUR 212.35 For Business Accounts Only

Natural Resource Partners L.P.: Improving coal industry conditions help in 2021; debt reduction supports B2 CFR; high leverage drives negative outlook

Our credit view of Natural Resource Partners, reflecting its good liquidity and its excellent cash flow conversion due to low capital intensity, constrained by its customer concentration.
Natural Resource Partners L.P.

Natural Resource Partners owns, manages and leases a portfolio of mineral properties, including interests in coal, soda ash from trona and other natural resources. The company has two segments: coal royalty and other, which consists primarily of coal royalty properties and coal related transportation and processing assets; and soda ash, which, via Ciner Resources LP, the company's operating partner, mines trona, processes it into soda ash, and distributes the soda ash both domestically and internationally into the glass and chemicals industries. The company's operations are conducted through its NRP (Operating) LLC susbsidiary, and its operating assets are owned by its subsidiaries.

Moody's Investors Service
Moody's Investors Service

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