Westmoreland Coal Company (NasdaqGM:WLB) announced that Standard & Poor’s Ratings Services upgraded Westmoreland’s corporate credit rating to B- from CCC+. In addition, S&P upgraded the issue-level rating on Westmoreland’s $275 million senior secured notes due 2018 to B- from CCC+. A stable outlook has been assigned to all ratings.
"We are pleased to see S&P recognize the significant progress Westmoreland has made on achieving our stated goals and successfully integrating Kemmerer into our business. Our long-term strategy for growing the business and strengthening the company’s financial position has resulted in dramatically increased liquidity, deleveraging the balance sheet and growing EBITDA," said Keith E. Alessi, Westmoreland's Chief Executive Officer. "S&P’s upgrade on our corporate credit rating and senior notes reflect the successful execution of this strategy."
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Its 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.