its rating and outlook on Winsway Coking Coal Holdings Ltd. (BB-/Stable/--) (01733) are
not immediately affected by the suspension of trucking on the sole access road to a mining
area in Mongolia where the company sources at least 50% of its coal in the country.
The government suspended trucking to Tavan Togol for safety and environmental reasons.
It is currently unclear when the ban will be lifted.
S&P believes that a prolonged ban could have a material impact on Winsway's coking coal
supply. It estimated that the company has sufficient inventory for one or two months.
Winsway could source coal from overseas sources, although margins on seaborne supplies
are materially lower. The credit rating agency does not believe the company's debt
servicing will be affected in 2011 even if the ban is prolonged. It believes Winsway's
liquidity is adequate as it recently raised US$500 million from the bond market. (KL)
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01733 E-COMMODITIES
Nominal 
1.080 0.000 (0.000%) Others
21/04/2011 13:35
Winsway's rating & outlook unaffected by Mongolian ban - S&P
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