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  1. #1
    Imitated never duplicated

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    Thumbs up S&P Raises YRC's Credit Rating

    Moving on up, folks!



    StreetInsider.com - S&P Raises YRC Worldwide (YRCW) To 'CCC' Following Restructuring
    S&P Raises YRC Worldwide (YRCW) To 'CCC' Following Restructuring

    After the close, S&P raised its corporate credit rating on YRC Worldwide Inc. (Nasdaq: YRCW) to 'CCC' from 'SD', based on our evaluation of the company's credit profile, pro forma for the restructuring. The firm assigned a 'CC' issue-level rating to YRCW's convertible senior secured payment-in-kind (PIK) notes due 2015 with a '6' recovery rating. The outlook is stable.

    "The rating actions reflect YRCW's completion of its previously announced financial restructuring," explained Standard & Poor's credit analyst Anita Ogbara. In conjunction with the restructuring, YRCW issued convertible notes and replaced its existing asset-backed securitization (ABS) facility with a new three-year, $400 million asset-based loan (ABL) facility. YRCW also exchanged a portion of the company's loans and other obligations for new securities, including equity. In accordance with our criteria for distressed debt exchanges and redemptions, we previously lowered our long-term corporate credit rating on YRCW to 'SD' (selective default).

  2. #2
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    CCC So what, we're still in big trouble, does anyone understand what CCC means, it ain't good.

  3. #3
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    Untill 2003 I never heard of Zollars. Don't have any idea what our credit rating was back then, and either way we did'nt have much credit so don't think it mattered. Zollars just left and I don't think there is a lower rating that he could have had us at. The new rating is an improvemnt and I hope it continues, but I would imagine it will take damn near as long going up as it took us to get here.

  4. #4
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    The new rating is the old rating, S&P downgraded us as a matter of policy, we haven't improve really.

  5. #5
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    We improved the day Zollars left. Another improvement with Smid. Hang loose man...Lets see where this goes.

  6. #6
    Retired !

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    Default Re: S&P Raises YRC's Credit Rating

    Quote Originally Posted by Kickass View Post
    CCC So what, we're still in big trouble, does anyone understand what CCC means, it ain't good.
    When your credit rating is at the bottom, it's an improvement.
    Granted it doesn't mean much now, but perhaps someday as the economy regains and builds momentum, the company could actually become profitable without all the smoke and mirrors of corporate accounting it now uses.
    My days are numbered and retirement is close, but I would like to see these jobs return to the days of good pay, great health care and a solid pension.

  7. #7
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    I've heard the "let's see where it goes" remark to many times over the years to have any confidence. I'm not impressed with anything that's happened so far. I might change my tune if welsh starts giving credit to the teamster rank & file for saving yrc and works toward restoring what we lost.

  8. #8
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    Quote Originally Posted by Kickass View Post
    I've heard the "let's see where it goes" remark to many times over the years to have any confidence. I'm not impressed with anything that's happened so far. I might change my tune if welsh starts giving credit to the teamster rank & file for saving yrc and works toward restoring what we lost.
    Understood. And to be perfectly honest I was hoping for someone other than a Yellow Ceo but I still see the last few weeks as an improvement. So if ya don't wanna see where it goes, whats your suggestion??

  9. #9
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    Quote Originally Posted by wolf View Post
    Understood. And to be perfectly honest I was hoping for someone other than a Yellow Ceo but I still see the last few weeks as an improvement. So if ya don't wanna see where it goes, whats your suggestion??
    I don't have confidence that it'll go anywhere, I'd love to see it improve a whole bunch for us teamsters but that's just a pie in the sky notion.

  10. #10
    I Am Rocking Now

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    Default Re: S&P Raises YRC's Credit Rating

    Quote Originally Posted by Kickass View Post
    I don't have confidence that it'll go anywhere, I'd love to see it improve a whole bunch for us teamsters but that's just a pie in the sky notion.
    Still no suggestion. Well I don't have the balls to step up to the edge and Jump! So I guess I have no option other than to hang loose and see what happens.

 

 
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