S&P lowers Coach America to D

Standard & Poor's said it lowered its corporate credit rating and first-lien debt issue rating on charter bus operator Coach America Holdings Inc. to D from CCC. At the same time, S&P said it lowered the company's second-lien debt issue rating to D from CC.

The agency said the D ratings reflect Coach's Chapter 11 bankruptcy filing on Jan. 3. The ratings had been on CreditWatch with negative implications since Dec. 21.

"We believe that Coach will be able to reorganize and emerge from bankruptcy," said S&P credit analyst Lisa Jenkins in a news release.

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