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S&P cuts YRC Worldwide
S&P said it lowered its rating on YRC Worldwide Inc. to CCC from CCC+ and the rating on its term loan to CCC+ from B-.
“The downgrade reflects our view that YRC's 2020 EBITDA will be negatively affected by the coronavirus pandemic,” S&P said in a press release.
A challenging economy forced the company to seek relief, successfully, from a loan covenant for the rest of 2020. “YRC has stated that it intends to amend its term loan again, which – in our view – increases the likelihood of a distressed exchange in the next 12 months,” S&P said in a press release.
The outlook is negative.
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