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S&P lowers Westmoreland Coal
S&P said it lowered its issuer credit rating on Westmoreland Coal Co. to SD from CCC- and removed the ratings from CreditWatch with negative implications, where they were placed on March 9.
At the same time, the agency lowered its issue-level rating on Westmoreland Coal's first-lien term loan and 8¾% senior secured notes to D from CCC-.
The agency affirmed the CC issue level rating on Oxford Mining Co., LLC's debt, which remains on CreditWatch with negative implications.
S&P said the downgrade follows Westmoreland Coal's announcement that it entered into an agreement with its first-lien lenders and creditors to obtain a $110 million bridge term loan that subordinates the liens securing the rated debt to the liens securing the bridge term loan financing.
“We consider this transaction distressed as it alters ranking of the secured lenders to a junior position,” the agency said in a news release.
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