James River Coal's (JRCC -6.2%) credit rating is cut to Caa1 from B3 by Moody’s, which cites...

|By:, SA News Editor

James River Coal's (JRCC -6.2%) credit rating is cut to Caa1 from B3 by Moody’s, which cites falling prices, higher mining costs and increased regulatory scrutiny. Moody’s also says JRCC’s repurchase last month of $61M for $0.39 on the dollar qualifies as a “limited default" under the ratings company’s criteria.