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S&P lowers Westmoreland Coal
S&P said it lowered the corporate credit rating on Westmoreland Coal Co. to CCC+ from B.
The outlook is negative.
The agency also said it lowered the rating on Oxford Mining Co. LLC's first-lien term loan to CCC+ from B. The recovery rating on the loan is unchanged at 3, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on Westmoreland Coal's first-lien term loan and 8¾% senior secured notes to CCC+ from B.
The recovery rating on the debt is unchanged at 4, indicating 30% to 50% expected default recovery.
The negative outlook reflects increased refinancing risk associated with the $295 million term loan, S&P said.
The agency said the difficult operating environment, cash flow drag from non-core assets and expiring contracts could lead to a distressed exchange or restructuring in the next 12 months.
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