Moody's cuts Winsway debt to Caa1

Moody's Investors Service said it downgraded Winsway Coking Coal Holdings Ltd.'s corporate family rating to B3 from B2 and its senior unsecured debt ratings to Caa1 from B3.

The ratings outlook is negative.

"The downgrade reflects our expectation that Winsway's profitability will continue to be under pressure and its EDITDA in the next 12 months will not improve from 2012. Thus, debt leverage - measured by Debt/EBITDA - is expected to be weak at 12x - 15x, which positions the company in the lower B level," Moody's vice president and senior analyst Alan Gao said in a news release.

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