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S&P Credit Research1348 word report
published Nov 02, 2009
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S&P Credit Research
| Abstract: | On Nov. 2, 2009, YRC Worldwide Inc. filed an 8K outlining the terms of an exchange offer for various debt securities. We are lowering our corporate credit rating on YRC Worldwide Inc. to 'CC' from 'CCC', in accordance with our criteria for distressed-debt exchanges and redemptions. We are placing the ratings on CreditWatch with negative implications. On completion of the offer, we will lower our corporate credit rating the company to 'SD' (selective default) and lower our ratings on issues involved in the exchange offer to 'D' (default). On Nov. 2, 2009, Standard&Poor's Ratings Services lowered its corporate credit rating on YRC Worldwide Inc. to 'CC' from 'CCC'. At the same time, we lowered the corporate credit ratings
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Rating On YRC Worldwide Inc. Lowered To '##' From '###' On Debt For Equity Exchange Offer Publication date: 02-Nov-2009 Primary Credit Analyst: Anita Ogbara, New York (1) 212-438-5077;...
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| Report Type: | Research Update
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| Ticker: | YRCW
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| Issuer: | YRC Worldwide Inc.
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| GICS: | Trucking (20304020)
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| Sector: | Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- YRC Worldwide Inc. $400.00
Sizable market share in the long-haul less-than-truckload (LTL) trucking sector; and High barriers to entry in that sector because of the network of terminals required for competitive success. Near-term liquidity is constrained and refinancing ...
- Summary: YRC Worldwide Inc. $175.00
The ratings on Overland Park, Kan.-based YRC Worldwide Inc. (YRCW) reflect its near-term liquidity challenges and material refinancing needs over the next few quarters, meaningful off-balance-sheet contingent obligations related to multiemployer ...
- Ratings On YRC Worldwide Inc. Raised To 'CCC-' From 'SD' After Equity Issuance; Outlook Developing $100.00
On Jan. 7, 2010, YRC Worldwide Inc. issued shares of common and preferred stock totaling $470.2 million to tendering noteholders in exchange for its 8.5% USF Corp. senior unsecured notes due 2010, and its 5% and 3.375% contingent convertible ...
- Research Update: YRC Worldwide Inc. Ratings Are Raised To 'CCC-' From 'SD' After Equity Issuance; Outlook Developing $175.00
On Jan. 7, 2010, YRC Worldwide Inc. issued shares of common and preferred stock totaling $470.2 million to tendering noteholders in exchange for its 8.5% USF Corp. senior unsecured notes due 2010, and its 5% and 3.375% contingent convertible ...
- YRC Worldwide Inc. Rating Lowered To 'SD' After Tender, Exchange Offer Completions $100.00
On Dec. 31, 2009, YRC Worldwide Inc. announced the expiration and final results of its exchange and tender offers, which it previously announced on Nov. 2, 2009. In accordance with our criteria for distressed debt exchanges and redemptions, ...
- Research Update: Rating On YRC Worldwide Inc. Is Lowered To 'SD' After Completion Of Exchange And Tender Offers $175.00
On Dec. 31, 2009, YRC Worldwide Inc. announced the expiration and final results of its exchange and tender offers, which it previously announced on Nov. 2, 2009. In accordance with our criteria for distressed debt exchanges and redemptions, ...
- Bulletin: Ratings On YRC Worldwide Unaffected By Debt Equity Exchange (Offer) Extension $100.00
NEW YORK (Standard&Poor's) Dec. 10, 2009--Standard&Poor's Ratings Services today said that YRC Worldwide Inc. (YRCW; CC/Watch Neg/--) extended its debt for equity exchange offer for another week until Dec. 15, 2009. YRCW's extension will not ...
- YRC Worldwide Inc. Rating Lowered To 'CC' From 'CCC' On Debt To Equity Exchange Offer $100.00
--On Nov. 2, 2009, YRC Worldwide Inc. filed an 8K outlining the terms of an exchange offer for various debt securities. --We are lowering our corporate credit rating on YRC Worldwide Inc. to 'CC' from 'CCC', in accordance with our criteria ...
