S&P downgrades Westmoreland Coal’s credit rating, citing potential default

摘要

S&P Global Ratings lowered Westmoreland Coal Co.’s credit rating to CCCfrom CCC, citing a potential default or restructuring within six months after the company disclosed “substantial doubt” to its ability to comply with its covenants during the year ending Sept. 30. It also lowered its issue-level rating on Westmoreland’s first-lien term loan and the senior secured notes to CCC- from CCC, while the recovery rating remained unchanged at 4.