S&P cuts Winsway Coking, could cut further

Standard & Poor's said it lowered its long-term corporate credit rating on Winsway Coking Coal Holdings Ltd. to B from B+.

At the same time, S&P lowered the rating on the company's senior unsecured notes to B from B+ and its long-term Greater China regional scale ratings to cnB+ from cnBB-.

In addition, the agency placed all the ratings on CreditWatch with negative implications.

"We downgraded Winsway because we are unclear if the company can turn around its financial performance in 2013 following an expected loss in 2012," S&P credit analyst Huma Shi said in a news release. "A recent profit warning from Winsway suggests that its financial results for 2012 could be significantly below our previous base-case expectations."

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