S&P: Atlantic Express view negative

Standard & Poor's said it revised the outlook on Atlantic Express Transportation Corp. to negative from stable and affirmed its B- long-term corporate credit rating.

The outlook revision is based on weakened financial performance and credit metrics over the past six months, according to the agency.

Ratings reflect the company's highly leveraged financial profile, significant customer concentration, vulnerability to rising fuel prices and labor cost increases, S&P said.

At Sept. 30, the company's debt-to-EBITDA ratio was 7.9 times compared with 6.9 times at June 30.

Moody's: Clayton Williams view negative

Moody's Investors Service said it changed the outlook of Clayton Williams Energy, Inc. to negative from stable. The issuer has a B2 corporate family rating and a B3 rating on its 7¾% senior notes due 2013.

Moody's also changed the liquidity rating to SGL-3 from SGL-2.

The change in outlook primarily reflects Moody's concerns about the company's high leverage and limited prospects for near-term debt reduction but also reflects concerns about the exploration and development program given its relatively small size and leveraged balance sheet, the agency said.

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