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Moody's lifts International Coal, rates loan Ba3
Moody's Investors Service said it upgraded the ratings of International Coal Group, including the corporate family rating to Caa1 from Caa2.
The outlook is stable.
Simultaneously, Moody's said it assigned a Ba3 rating to the new $125 million senior secured asset based loan (ABL) facility and withdrew the B1 rating on the previous facility.
The speculative-grade liquidity rating was also raised to SGL-3 from SGL-4, the agency said, noting that the upgrade of International Coal to Caa1 reflects the improved capital structure profile.
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