S&P boosts Atlantic Express

Standard & Poor's said it raised its corporate credit rating on Atlantic Express Transportation Corp. to B- from CCC+ and removed the rating from CreditWatch with positive implications, where it was placed April 19.

The outlook is stable.

The agency said it affirmed the recently assigned B- rating on the $165 million senior notes due 2012.

The rating actions follow the successful completion of Atlantic Express's debt refinancing, S&P said, adding that the upgrade of the corporate credit reflects the company's improved financial performance over the past year and its enhanced liquidity position, which was bolstered by recent refinancing activities.

Ratings on Atlantic Express reflect the company's highly leveraged financial profile, significant customer concentration and vulnerability to unanticipated cost increases, the agency said.

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