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Moody's withdraws New World Resources ratings after OKD bankruptcy filing

Following the bankruptcy filing by New World Resources Plc's main coal-mining unit and onlyoperating and trading subsidiary, OKD as, Moody's downgraded the probability of defaultrating of New World ResourcesNV to D-PD from C-PD, and affirmed its corporate family rating at C.

The rating agency also downgraded the rating on the company's€300 million senior secured notes due in 2020 to C from Ca as it expects lowrecovery rates for secured bondholders.

Moody's expects the insolvency proceedings to ultimatelyresult in the liquidation of New World Resources, and has withdrawn all ratingsof the company.