Moody’s applies Ba1 to Swift Transportation loans

Moody's Investors Service said it assigned a Ba1 rating to the new senior secured credit facility of Swift Transportation Co., LLC, comprising a $600 million senior secured revolving line of credit and a $680 million senior secured term loan A.

The corporate family rating is Ba2 and the outlook is stable.

The new facility replaces Swift's previous $450 million revolving line of credit and refinances outstanding amounts under the company's term loan A of $488 million and term loan B of $395 million.

The Ba1 ratings on the revolver and loan reflect the senior position of these instruments in Moody's Loss Given Default analysis. The facility is secured by substantially all assets of the company and is guaranteed by Swift's main operating subsidiaries. As a result, the senior facility is rated one notch higher than the company's Ba2 corporate family rating.

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