Moody's cuts Griffin Coal

Moody's Investors Service said it downgraded the corporate family and senior unsecured ratings of Griffin Coal Mining Co. Pty Ltd. from B1 to B2.

The outlook is negative.

"The ratings downgrade reflects the rapidly deteriorating regional economy and weak outlook for thermal coal - the company's key output - which will further pressure Griffin's earnings over the next 12 to 18 months," Ian Lewis, a Moody's vice president, said in a statement.

"The negative outlook captures execution risk for the company due to its delayed projects as well as the potential for further weaker off-take and sales," Lewis added.

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