SWIFT TRANSPORTATION COMPANY ANNOUNCES RATINGS UPGRADE
2013-02-20 22:58:43 -
Swift Transportation Company (NYSE:SWFT) ("Swift"), a leader in transportation
solutions and the nation's largest truckload provider, announced today that
Moody's Investor Service ("Moody's") has upgraded the company's credit
with the corporate family rating raised to B1 from B2 and the senior secured
first lien bank credit facility raised two notches to Ba2 from B1. In their
press release, Moody's states, "The ratings upgrade reflects the substantial
progress that Swift has made in margin growth, cash flow generation, and
deleveraging during a period of stable demand in the truckload segment."
Additionally, Moody's raised the rating on Swift's second lien notes to B3 from
Caa1 and said the ratings outlook is stable.
The full text of Moody's announcement is available on their website at
Jason Bates, Vice President of Finance and Investor Relations Officer
Ginnie Henkels, Executive Vice President and Chief Financial Officer
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Swift Transportation Corporation via Thomson Reuters ONE