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Moody’s lowers Murray Energy
Moody’s Investors Service said it downgraded Murray Energy Corp.’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.
The agency also downgraded the company’s first-lien term loan to B1 from Ba3 and second-lien senior secured notes to Caa1 from B3.
The outlook is stable.
The downgrade reflects recent deterioration in seaborne and domestic coal prices, which are expected to persist, putting pressure on average realizations over the next two years as higher priced contracts roll off, Moody’s said.
The company’s production volumes also will be under pressure over the next two years due to the challenging industry conditions, the agency said.
Coal consumption in the United States continues to be pressured by low-cost natural gas, Moody’s said.
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