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S&P withdraws ratings on Westmoreland Coal, Oxford Mining at issuer's request


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S&P withdraws ratings on Westmoreland Coal, Oxford Mining at issuer's request

S&P Global Ratings on Sept. 7 withdrew all of its ratings on Englewood, Colo.-based coal producer Westmoreland Coal Co. and its issuing subsidiary Oxford Mining Co. LLC at the issuer's request.

The rating agency withdrew its D issuer credit rating on Westmoreland Coal Co. and the D issue-level rating on the coal producer's first-lien term loan and 8.75% senior secured notes.

S&P Global Ratings also withdrew its CC issue-level rating on Oxford Mining's delayed draw bank loan and first-lien bank loan.

On the same day, Westmoreland Coal's master limited partnership Westmoreland Resource Partners LP and Oxford Mining struck a seventh waiver and amendment to a financing agreement dated Dec. 13, 2014, that extended the waiver of any default until Oct. 5. The waiver covers any actual or potential default resulting from Westmoreland Resource Partners and Oxford's failure to deliver an unqualified audit opinion connected to the audited financial statements for the fiscal year ended Dec. 31, 2017.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.