New York, June 19, 2013 -- Moody's Investors Service downgraded Walter Energy Inc.'s Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The reduction in the short-term liquidity rating follows the company's decision to step away from its planned refinancing transaction, which would have provided greater financial flexibility than the existing structure. Moody's now believes that the company will need to obtain covenant relief by the third quarter of 2013. Moody's also withdrew the ratings assigned to the proposed senior secured credit facilities on June 5, 2013. All other long-term ratings, including the B2 Corporate Family Rating ("CFR"), are unchanged. The rating outlook remains negative.

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