Moody’s cuts Contura Energy

Moody’s Investors Service said it downgraded all long-term ratings for Contura Energy, Inc., including the corporate family rating to Caa1 from B3 and the senior secured term loan rating to Caa2 from Caa1.

“Contura has idled the majority of its mines due to weak market conditions. Moody’s expects that demand for metallurgical coal will weaken further in the near-term as blast furnace steel producers adjust to reduced demand due to the Coronavirus,” said Ben Nelson, Moody’s vice president, senior credit officer and lead analyst for Contura, in a press release.

“The rating action is entirely driven by macro-level concerns resulting from the global outbreak of coronavirus,” he said.

The outlook is stable.

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