S&P: YRC on watch

Standard & Poor's said it placed its ratings on YRC Worldwide Inc., including the BBB- long-term corporate credit rating, on CreditWatch with negative implications.

The CreditWatch placement reflects YRC's worse-than-expected operating performance in recent months and concerns over its near-term outlook, the agency said.

Conditions in the trucking sector have deteriorated substantially over the past few quarters and will likely not improve materially over the near term given the slowing U.S. economy, the agency noted, adding that YRC has experienced meaningful deterioration in earnings and cash flow as a result of the soft freight environment and challenging conditions in the trucking sector.

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