S&P cuts GWLS to D

Standard & Poor's said it lowered its corporate credit ratings on GWLS Holdings Inc. to D from B-.

Concurrently, the agency said it lowered the rating on the company's primary operating subsidiary Greatwide Logistics Services Inc.'s $70 senior secured revolving credit facility, $300 million secured first-lien term loan and $127 million secured second-lien term loan to D, the same level as the corporate credit rating.

As of June 30, S&P noted that the company failed to meet scheduled interest and principal payments on its debt.

The lending group has approved a forbearance agreement which the company believes will allow sufficient time to negotiate new terms under its credit agreement, the agency said.

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