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Fitch Downgrades YRC Worldwide's IDR to 'CC'
CHICAGO, Feb 18, 2009 (BUSINESS WIRE) -- Fitch Ratings has taken the following rating actions on YRC Worldwide Inc. (YRCW:yrc worldwide inc com
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Sponsored by:
YRCW 2.80, -0.11, -3.8%) and its YRC Regional Transportation, Inc. subsidiary:
YRC Worldwide Inc.
--Issuer Default Rating (IDR) downgraded to 'CC' from 'CCC';
--Secured credit facilities to 'B-/RR2' from 'B/RR1';
--Senior unsecured affirmed at 'C/RR6'.
YRC Regional Transportation, Inc.
--IDR downgraded to 'CC' from 'CCC';
--Senior secured notes affirmed at 'C/RR6'.
In addition, Fitch has removed the ratings from Rating Watch Negative where they were originally placed on Jan. 9, 2009.
Fitch's ratings apply to approximately $550 million in notes, a $111.5 million secured term loan and a $950 million secured revolving credit facility. Fitch is not providing a Rating Outlook for YRCW.
The downgrade in the ratings follows YRCW's announcement that it has entered into an amendment to its credit facility agreement...
Fitch Downgrades YRC Worldwide's IDR to 'CC' - Yahoo! Finance
You agree not to post any copyrighted materials, post a paragraph to the story then the link to it, the author and website deserve all credit for their content.
CHICAGO, Feb 18, 2009 (BUSINESS WIRE) -- Fitch Ratings has taken the following rating actions on YRC Worldwide Inc. (YRCW:yrc worldwide inc com
News , chart , profile , more
Delayed quote dataAdd to portfolio
Analyst
Create alert Insider
Discuss
Financials
Sponsored by:
YRCW 2.80, -0.11, -3.8%) and its YRC Regional Transportation, Inc. subsidiary:
YRC Worldwide Inc.
--Issuer Default Rating (IDR) downgraded to 'CC' from 'CCC';
--Secured credit facilities to 'B-/RR2' from 'B/RR1';
--Senior unsecured affirmed at 'C/RR6'.
YRC Regional Transportation, Inc.
--IDR downgraded to 'CC' from 'CCC';
--Senior secured notes affirmed at 'C/RR6'.
In addition, Fitch has removed the ratings from Rating Watch Negative where they were originally placed on Jan. 9, 2009.
Fitch's ratings apply to approximately $550 million in notes, a $111.5 million secured term loan and a $950 million secured revolving credit facility. Fitch is not providing a Rating Outlook for YRCW.
The downgrade in the ratings follows YRCW's announcement that it has entered into an amendment to its credit facility agreement...
Fitch Downgrades YRC Worldwide's IDR to 'CC' - Yahoo! Finance
You agree not to post any copyrighted materials, post a paragraph to the story then the link to it, the author and website deserve all credit for their content.