Moody's affirms Walter Industries

Moody's Investors Service said it affirmed the debt ratings for Walter Industries Inc. and maintained the company's stable outlook.

The affirmed ratings include the senior implied at Ba2, the $245 million senior secured revolving credit facility due 2008 at Ba2, the $175 million senior subordinated notes due 2024 at B1, and the issuer rating at Ba3.

Moody's noted that the ratings benefit from extremely high metallurgical coal prices, which have helped bolster the company's operating income and cash flow.

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