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S&P may lift Quality Distribution
Standard & Poor's said it placed the B- corporate credit rating on Quality Distribution Inc. on CreditWatch positive and assigned a B- rating on the company's $225 million senior secured notes due 2018 with a recovery rating of 5, indicating expectations of 10% to 30% recovery.
"The rating action reflects the potential improvement in Quality Distribution's financial profile as a result of lower interest expense, improved cash flow adequacy and a substantial reduction in debt maturities over the next few years following its proposed debt offering," S&P analyst Anita ogbara said in a statement.
"The ratings on Quality Distribution reflect its market position as the largest bulk tank truck carrier in North America. The company's low margins, participation in a highly fragmented industry, and highly leveraged financial profile more than offset this strength."
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