Moody's: Winsway unchanged

Moody's Investors Service said that Winsway Coking Coal Holdings Ltd.'s 2012 first half pre-tax loss of HK$684 million - the first such loss since it listed on the Hong Kong Stock Exchange in October 2010 - will have no immediate effect on the company's Ba3 corporate family rating and the B1 rating of its dollar-denominated senior notes.

The outlook is negative, reflecting Winsway's deteriorating performance in a challenging year.

Although operating margin likely will improve in the second half of 2012, Moody's said it expects the improvement to be limited and therefore insufficient to offset the loss recorded in the first half of 2012.

Winsway's stand-alone financial profile will likely stay under pressure for the rest of 2012, the agency said.

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