S&P rates Winsway, notes BB-

Standard & Poor's said it assigned a BB- long-term corporate credit rating to Winsway Coking Coal Holdings Ltd., along with a BB- rating to its proposed issue of senior notes due 2016.

The outlook is stable.

The ratings reflect the company's limited operating history, short track record of consistent financial management and aggressive growth appetite, S&P said.

Other weaknesses include the company's exposure to fluctuations in coal prices, material supply risks and transportation bottlenecks, the agency said.

These weaknesses are counterbalanced by the good growth potential for imported coking coal in China, Winsway's good competitive position due to its first-mover advantages, growing distribution capability and limited inventory risks, S&P said.

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