Walter Energy credit rating cut another notch at
S&P
- Walter Energy (WLT +7.5%) is downgraded further into junk territory, to B- from B, with a negative outlook, by Standard & Poor's, which believes the met coal producer's leverage will remain high as it continues to face low coal prices.
- S&P says market conditions will remaining challenging for WLT over the next year, noting coal prices likely will remain weak amid lower demand in Europe, slowing economic activity in China and a lack of operating disruptions among competitors.
- Meanwhile, Cowen reiterates its Outperform rating on WLT after meeting with top management; the firm comes away positive on cost control at WLT's mines and expects a successful conclusion to the planned asset sale/JV process (Briefing.com).
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