Westmoreland Announces Moody′s Rating Upgrade on Notes; Company Outlook Improved to Positive
Westmoreland Coal Company (NasdaqGM:WLB) announced that Moody′s
Investors Service, Inc. upgraded the issue-level rating on
Westmoreland′s $275 million senior secured notes due 2018 to Caa1 from
Caa2. In addition, Moody′s changed the outlook on the company from
stable to positive. The corporate family rating of Caa1 was reaffirmed.
'We are delighted to see Moody′s acknowledge the significant progress
Westmoreland has made on achieving our goals and successfully
integrating Kemmerer into our business,' said Robert P. King,
Westmoreland's President and Chief Operating Officer. 'Our strategy for
strengthening the company′s financial position has resulted in
deleveraging the balance sheet, increasing operating cash flow and
growing EBITDA. Moody′s upgrade on our ?senior notes is a positive
recognition of the company′s hard work.'
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the
United States. The Company′s coal operations include coal mining in the
Powder River Basin in Montana, sub-bituminous mining in Wyoming, and
lignite mining operations in Montana, North Dakota and Texas. Its power
operations include ownership of the two-unit ROVA coal-fired power plant
in North Carolina. For more information, visit www.westmoreland.com.
Westmoreland Coal Company
Kevin Paprzycki, 855-922-6463