S&P affirms Winsway, cuts senior debt to B-

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

S&P also affirmed its cnB+ long-term Greater China regional scale rating. At the same time, S&P lowered its issue rating on Winsway's senior unsecured debt to B- from B and its Greater China regional scale rating to cnB from cnB+.

"We affirmed the corporate credit rating on Winsway because we expect the company's operating performance to improve in the next 12 months after a loss in 2012," said S&P credit analyst Huma Shi in a news release. "We also anticipate that Winsway can continue to access bank facilities for its short-term financing needs."

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