S&P: Greyhound on positive watch

Standard & Poor's said it placed its ratings on Greyhound Lines Inc., including the CCC corporate credit rating and CC senior unsecured debt rating, on CreditWatch with positive implications.

S&P said the rating action follows the announcement that Greyhound has amended its credit facility to extend the maturity date and reset certain financial covenants.

The CreditWatch placement reflects recent positive developments at the company, including ratification of a new labor contract, the successful renegotiation of Greyhound's credit facility, and improved operating performance. Greyhound is owned by Laidlaw International Inc. (BB/stable/--). Laidlaw does not guarantee Greyhound's debt and its financial support of Greyhound is limited to just $15 million.

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