YRC Worldwide (YRCW) Rating Upgraded to 'B-' by S&P

YRC Worldwide (Nasdaq: YRCW) announced that on Friday, August 7, 2015, Standard and Poor's (S&P) upgraded YRC Worldwide's corporate credit rating and its secured term loan to B- from CCC+. S&P stated that YRC Worldwide's strengthening operating condition, better operating efficiencies, earnings growth and improved liquidity position drove the upgrade decision. The S&P announcement comes on the heels of a $120.3 million increase in LTM Adjusted EBITDA through June 30, 2015 to $326.8 million, the highest in seven years.

"We are pleased that S&P recognizes the progress we have made," said YRC Worldwide CFO Jamie Pierson. "Over the past year we have significantly derisked the balance sheet and our company. This is evident in the considerably lower leverage ratio as defined by total debt-to-Adjusted EBITDA. In just the past 12 months, we reduced that ratio from 5.4 times to 3.3 times. We have achieved this improvement through the dedication of our 33,000 freight professionals at YRC Freight, Holland, Reddaway and New Penn who drove those results. Their dedication to our customers and commitment to safety are driving us forward mile after mile and shipment after shipment," added Pierson.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Inter Parfums (IPAR) PT Lowered to $172 at Piper Sandler
• Roper's (ROP) iPipeline Appoints Adam Boone as CFO