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S&P lifts Warrior Met Coal
S&P said it raised its corporate credit rating on Warrior Met Coal Inc. to B+ from B.
The outlook is stable.
At the same time, the agency raised the issue-level rating on the company's $475 million senior secured notes to BB- from B and revised the recovery rating to 2 from 3, indicating an expectation of substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default.
S&P said it expects Warrior Met Coal's private equity stock owners will reduce their combined stake to 33% from 47% through a secondary offering.
“In our view, the potential for aggressive financial policies has moderated, and we anticipate stronger credit metrics from better earnings and lower debt,” the agency said in a news release.
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