Moody’s ups Coronado to B1

Moody's Investors Service said it upgraded Coronado Group LLC’s corporate family rating to B1 from B3 and probability of default rating to B1-PD from B3-PD.

The agency removed the provisional designation on the instrument ratings of Coronado Australia Holdings Pty Ltd.

The outlook is stable.

The action follows the completion of Curragh Coal mine sale announced by Wesfarmers on March 29 consistent with the agency’s expectations. The provisional ratings were assigned in February, pending the closing of the transaction.

This action concludes the review of Coronado Group ratings, which was initiated on Feb. 5.

Moody’s said the B1 corporate family rating reflects its expectation that the transaction will improve the operational diversity of the company as Coronado will expand its production to one of the world's largest metallurgical coal mines in Australia.

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