S&P lifts Westmoreland

Standard & Poor's said it raised its corporate credit rating on Westmoreland Coal Co. to B- from CCC+. The outlook is stable.

At the same time, the agency said it raised the issue-level rating on the company's $275 million senior secured notes due 2018 to B- from CCC+. The recovery rating remains 4.

"The upgrade reflects our view that WLB is less vulnerable to default after successfully negotiating less restrictive covenant requirements for an unrated $110 million term loan due 2018," said S&P credit analyst Gayle Bowerman in a news release.

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