S&P downgrades NWR to „B-“ from „B“ and cut outlook to NEGATIVE from STABLE. S&P downgrade follows cut in coal price assumptions for 2013 and 2014. Consequently, S&P have revised downward our assessment of NWR's liquidity to "less than adequate" from "adequate." The negative outlook reflects the possibility of a further downgrade in the coming quarters if the company's currently significant cash balances deteriorate more than we anticipate. This will depend on coal price developments and NWR's ability to sell its coke facility and secure a covenant waiver from its banks by early 2014, S&P wrote. /NEGATIVE/