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Moody’s cuts Yanzhou Coal, Yancoal
Moody's Investors Service said it downgraded the corporate family rating of Yanzhou Coal Mining Co. and the senior unsecured debt rating of Yancoal International Resources Development Co. Ltd. to Ba2 from Ba1.
The agency also downgraded the rating on the unsecured perpetual bond issued by Yancoal International Trading Co., Ltd., and guaranteed by Yanzhou Coal, to Ba2 from Ba1.
The outlook is negative.
"The downgrades and negative outlook reflect our expectation that Yanzhou Coal's credit metrics for the next 12 to 18 months will remain weak for the Ba rating category. The company is unlikely to deleverage, as it plans to carry out its RMB 8 billion capex plan for 2014 amid a weak coal price environment," Moody's vice president and senior credit officer/manager Simon Wong said in a news release.
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