Fitch affirms Con-way

Fitch Ratings said it affirmed Con-way Inc.'s issuer default rating, $325 million senior credit facility and $833 million of senior debt at BBB-.

The outlook is stable.

The ratings reflect the trucking and logistics company's very strong liquidity position and expectations for further leverage improvement as the U.S. economy recovers, the agency said.

The ratings are supported by the company's strong cash balance, adequate availability under its recently renewed credit facility and minimal debt repayment obligations over the medium term, the agency added.

Fitch expects the company's cash position to decline further in 2011, Fitch said.

The lease-adjusted debt-to-EBITDA ratio at year end 2010 was 4.2 times.

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