Moody's to lift Swift

Moody's Investors Service said that Swift Transportation Co., LLC's planned initial public offering of stock and debt refinancing transactions, if successfully executed with new equity raised in amounts the company is expecting, will result in an upgrade of Swift's ratings.

The corporate family rating and probability rating are expected to be raised to B2 from B3, Moody's said. The proposed senior secured first-lien credit facility will be rated B1 and the proposed second-lien notes will be rated Caa1 on close of the refinancing transactions.

The ratings reflect the company's business risk and competitive position, its capital structure and financial risk, Moody's projections of the company's performance over the near to intermediate term and management's track record and tolerance for risk, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.