S&P puts YRC on watch

Standard & Poor's said it placed its ratings on YRC Worldwide Inc., including the BB long-term corporate credit rating, on CreditWatch with negative implications.

The CreditWatch placement reflects YRC's deteriorating operating performance, constrained liquidity position and concerns over the near-to-intermediate-term outlook of the less-than-truckload sector, the agency said.

As of Sept. 30, the company had $102 million of cash on hand, with limited access to its amended $1.1 billion senior credit facility that consists of a $950 million revolving credit facility and a $150 million senior unsecured term loan.

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