E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/2/2012 in the Prospect News High Yield Daily.

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.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.