Moody's: Winsway Ba3, bonds B1

Moody's Investors Service said it assigned a Ba3 corporate family rating to Winsway Coking Coal Holdings Ltd., along with a provisional B1 rating to its proposed senior unsecured dollar-denominated bonds.

The outlook is stable.

The proceeds will be used for rolling stock purchases, capital investments and general corporate purposes, Moody's said.

The ratings reflect Winsway's strong market position in the supply of Mongolian coking coal to China - a premium position resulting from its access to train service at the Sino-Mongolian border crossings, Moody's said.

The company is likely to maintain this core credit strength for the foreseeable future, the agency said.

The rating also considers coking coal prices in Mongolia, Moody's said, which are lower than in the international market. This puts Winsway in a competitive position, the agency added.

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