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S&P downgrades James River
Standard & Poor's said it lowered its corporate credit rating on James River Coal Co. to CCC+ from B-. The agency said it removed the ratings from CreditWatch, where they were placed with negative implications on Feb. 29. The outlook is negative.
At the same time, the agency said it lowered the issue rating on the company's $275 million senior unsecured notes to B- from B. The recovery rating remains 2.
The agency said it also lowered the issue rating on the company's convertible notes to CCC- from CCC. The recovery rating on the convertible notes remains 6.
"The downgrade reflects our assessment that market demand for coal has deteriorated such that we expect James River Coal's performance will likely be materially lower than we previously expected," said S&P credit analyst Megan Johnston in a news release.
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