S&P rates Con-way notes BBB

Standard & Poor's said it assigned its BBB rating to Con-way Inc.'s senior notes due 2018.

The outlook is stable.

Proceeds from the notes will be used to repay a portion of the company's $500 million bridge facility maturing in August 2008, which was put into place to fund the acquisition of Contract Freighters Inc. in August.

The agency said the BBB corporate credit rating on Con-way reflects its strong market positions in its less-than-truckload and logistics businesses and its solid financial profile, somewhat mitigated by the capital-intensive, cyclical and competitive nature of the freight transportation industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.