S&P: Winsway on negative watch

Standard & Poor's said it kept the BB- long-term corporate credit rating on Winsway Coking Coal Holdings Ltd. and the BB- rating on its senior unsecured notes on CreditWatch with negative implications.

The negative watch also remains on the company's cnBB+ Greater China scale credit rating, along with that rating on its notes.

The agency said the watch reflects a view on the potential risks associated with Winsway's indirect acquisition of 60% of the issued shares of Grande Cache Coal Corp., a Canada-based coal mining company.

The acquisition will expose Winsway to coal price volatility and coal mine operating risks outside of China, where the company has limited track record, S&P said.

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