S&P: YRC on developing watch

Standard & Poor's said it revised the implications of its CreditWatch review of YRC Worldwide Inc. (CC/Watch developing) to developing from negative.

The revision follows news of the company's terminated debt tender offer and negotiations with its bank group to modify terms on its revolving credit and asset backed securitization facilities, according to the agency.

S&P said it placed the CCC+ ratings on Yellow Corp. and Yellow Freight System Inc.'s industrial development bonds on CreditWatch with developing implications given the uncertainty of the eventual corporate credit rating.

In addition, YRC has entered into a definitive agreement to sell and lease back a pool of its terminal facilities for $150 million, with annual lease payments of $21 million.

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