Walter Energy, Inc. -- Moody's downgrades Walter' CFR to Ca, outlook stable

New York, May 04, 2015 -- Moody's Investor Service today downgraded the corporate family rating (CFR) of Walter Energy, Inc (Walter) to Ca from Caa2 and the probability default rating (PDR) to Ca-PD from Caa2-PD. The downgrade follows the continued stress on the coal sector, and the resulting deterioration in the company's credit metrics. The ratings also reflect the potential significant loss in case of restructuring. At the same time, Moody's downgraded all debt instruments, including the revolving credit facility, first lien term loan B, first lien notes, the PIK and unsecured notes second lien notes to Ca. Moody's also affirmed the Speculative Grade Liquidity rating of SGL-4. The outlook is stable.

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