Fitch downgrades credit rating of US coal giant Peabody Energy to CC

摘要

Fitch Ratings announced Feb. 12 that it has downgraded Peabody Energy Corp.’s long-term issuer default rating to CC from CCC, affecting roughly $8.4 billion in face amount of obligations. The downgrade of the IDR was attributable to increased demand on Peabody’s liquidity, negotiations with creditors for a distressed debt exchange, competition from cheap natural gas, bankruptcies of other coal companies, an expected delayed recovery in the seaborne metallurgical coal market and potential weaker market conditions in the Asia Pacific, the rating agency noted.