Overview -- U.S.-based coal producer James River Coal Co. announced that it repurchased certain of its outstanding senior and convertible notes on the open market at a discount to face value. -- We have lowered our corporate credit rating on James River to 'SD' (selective default) because we consider the discounted note repurchases constitute a de facto restructuring. -- We have also lowered our rating on the company's 7.875% senior notes due 2019 to 'D' from 'B-', and the rat