Moody’s Downgrades James River Coal

Bloomberg reported that James River Coal was downgraded by Moody’s Investors Service.

As quoted in the market report:

Moody’s lowered Richmond, Virginia-based James River’s Corporate Family Rating to Caa1, or seven levels below investment grade, from B3, according to a statement today. Moody’s also said James River’s repurchase of $61.4 million for 39 cents on the dollar announced last month qualifies as a “limited default” under the ratings company’s criteria.

To view the whole Bloomberg report, click here.