S&P gives GWLS B-

Standard & Poor's said it assigned its B- corporate credit rating to GWLS Holdings Inc.

At the same time, the B+ corporate credit and B+ senior secured debt ratings on Transport Industries Holdings LP, which is in the same corporate group, and B+ bank loan rating on Transport Industries LP, have been withdrawn.

The outlook is stable.

S&P noted that it assigned bank loan and recovery ratings to Greatwide Logistics Services Inc.'s, a subsidiary of GWLS, new $487 million bank financing as follows: The $70 million revolving facility and the $290 million term loan B are each rated B-, the same as the corporate credit rating, with a recovery rating of 2; the company's $127 million second-lien term loan is rated CCC, with a recovery rating of 5; and a CCC rating to GWLS' new $95 million senior unsecured notes due 2014.

Ratings reflect Greatwide's aggressive growth strategy and highly leveraged balance sheet, limited financial flexibility, concentrated customer base and relatively small position within the fragmented truckload trucking and logistics industries, S&P said.

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