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01733 E-COMMODITIES
RTNominal unchange1.400 0.000 (0.000%)
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30/05/2013 17:11

Moody's downgrades Winsway from B2 to B3; outlook negative

[ET Net News Agency, 30 May 2013] Moody's Investors Service has downgraded Winsway
Coking Coal Holdings Ltd's (01733) corporate family rating to B3 from B2 and its senior
unsecured debt ratings to Caa1 from B3.
The ratings outlook is negative. This concludes the review for downgrade initiated on
April 3, 2013
The downgrade reflects our expectation that Winsway's profitability will continue to be
under pressure and its EDITDA in the next 12 months will not improve from 2012. Thus, debt
leverage -- measured by Debt/EBITDA -- is expected to be weak at 12x -- 15x, which
positions the company in the lower B level," said Alan Gao, a Moody's Vice President and
Senior Analyst. (KL)

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