Westmoreland Announces Credit Rating Upgrade from Moody’s and S&P
Westmoreland Coal Company (NasdaqGM:WLB) announced that both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services have upgraded Westmoreland’s corporate rating.
Moody’s upgraded the corporate family rating to B3 from Caa1 and assigned Caa1 rating to Westmoreland’s proposed new $300 million term loan. A stable outlook was assigned.
S&P upgraded the corporate credit rating to B from B- and assigned a B issue-level rating to Westmoreland’s proposed new $300 million term loan. The outlook remains stable.
Both agencies cite the successful integration progress of the Canadian operations as a key factor in the ratings upgrade.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include sub-bituminous and lignite coal mining in the Western United States and Canada, a char production facility, and a 50% interest in an activated carbon plant. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.
Contact
Westmoreland Coal Company
Kevin Paprzycki, 855-922-6463