Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers X > Headlines for Xinergy Corp. > News item |
S&P lowers Xinergy
Standard & Poor's said it lowered the corporate credit rating on Xinergy Corp. to CCC from CCC+, along with the rating on its senior secured notes to CCC- from CCC.
The 5 recovery rating indicates 10% to 30% expected default recovery.
All ratings remain on CreditWatch, where they were placed with negative implications in October 2012.
The downgrade reflects a view that the company faces the rising potential for a liquidity shortfall over the next year, given the expectation for negative funds from operation in 2013 and capital expenditures relating to the build out of its newer West Virginia metallurgical coal mine, S&P said.
The agency said it believes that anemic demand for thermal coal will continue over the next several quarters and near-term conditions in the domestic met coal market will remain unfavorable due to weakness in the global steel industry.
© 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.