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Stock Market & Financial Investment News

News Breaks
June 30, 2014
07:50 EDTWLTS&P lowers Walter Energy rating to 'CCC+' with negative outlook
Standard & Poor's Ratings Services said late Friday that it lowered its corporate credit rating on Walter Energy to "CCC+" from "B-". "We lowered the ratings on the company's senior secured credit facilities and 9.5% senior secured first-lien notes to 'B-' from 'B'. The recovery rating on the debt remains '2', indicating our expectation of substantial recovery in the event of a payment default...The negative outlook reflects our expectation that weak met coal market conditions will persist, which will pressure the company's liquidity position. We also expect very weak credit measures in 2014, with debt leverage above 20x and EBITDA interest coverage of less than 1x in 2014," said Standard & Poor's.
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