S&P affirms Winsway, cuts regional ratings

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Winsway Coking Coal Holdings Ltd. The outlook is negative.

The agency said it also affirmed its B+ issue rating on the company's $500 million senior unsecured notes.

The agency lowered its Greater China regional scale ratings on Winsway and on the company's notes to cnBB- from cnBB.

All the ratings were removed from CreditWatch, where they were placed with negative implications on July 18.

"Our rating actions reflect our view that Winsway's weak profitability is likely to improve in the second half of 2012 because we expect a moderate recovery in the company's operating conditions," said S&P credit analyst Joe Poon in a news release.

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