Fitch: Winsway unaffected

Fitch Ratings said Winsway Coking Coal Holdings Ltd.'s acquisition of a 60% interest in Grand Cache Coal Co. Ltd, a Canadian hard coking coal producer, will not have an immediate impact on its long-term foreign currency issuer default rating of BB with a stable outlook.

"Although the acquisition will increase Winsway's financial leverage in 2011, this is likely to be temporary as the company, barring further large acquisitions or capex, should reduce leverage thereafter on the back of its own growing operating profit and Grand Cache's production growth," said Cosmo Zhang, director in Fitch's Corporate team, in a news release.

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