Englewood, CO – November 21, 2014 – Westmoreland Coal Company (NasdaqGM:WLB) announced that both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services have upgraded Westmoreland’s corporate rating.
Moody’s upgraded the corporate family rating to B3 from Caa1 and assigned Caa1 rating to Westmoreland’s proposed new $300 million term loan. A stable outlook was assigned.
S&P upgraded the corporate credit rating to B from B- and assigned a B issue-level rating to Westmoreland’s proposed new $300 million term loan. The outlook remains stable.
Both agencies cite the successful integration progress of the Canadian operations as a key factor in the ratings upgrade.