S&P cuts its credit rating on Patriot Coal (PCX +17.4%) for the second time in seven days...

|About: Patriot Coal Corp. (PCXCQ)|By:, SA News Editor

S&P cuts its credit rating on Patriot Coal (PCX +17.4%) for the second time in seven days and says it's on watch for yet another downgrade, citing doubts about PCX's ability to meet near-term obligations amid the company's "highly uncertain" proposed refinancing. The rating is cut two notches to CCC, which denotes highly speculative credit, from B-.