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.
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Contact: Kevin Paprzycki (855) 922-6463