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S&P drops U.S. Coal to CCC
Standard & Poor's said it lowered its preliminary corporate credit rating on U.S. Coal Corp. to CCC from B and placed the preliminary corporate credit rating on CreditWatch with developing implications.
"The downgrade and developing CreditWatch listing reflect our belief that U.S. Coal may be unable to either refinance its existing debt by the end of 2011, when the majority of its balance sheet debt is due, or extend its current debt maturities," said S&P credit analyst Maurice Austin in a news release.
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