S&P cuts YRC

Standard & Poor's said it lowered its corporate credit rating on YRC Worldwide Inc. to CC from CCC and lowered the corporate credit ratings on selected subsidiaries' senior unsecured debt issues to C from CC.

S&P said it placed all the issue-level ratings on CreditWatch with negative implications, pending completion of a proposed exchange offer to purchase YRC's convertible senior notes and subsidiary USF Corp.'s senior notes.

The agency expects to lower its corporate credit rating on YRC to SD and lower its ratings on issues repurchased under the tender offer to D on completion of the offer.

© 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.