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OVERLAND PARK, Kan., Aug. 10, 2015 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ:YRCW) today 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.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn. Collectively, YRC Worldwide companies have one of the largest, most comprehensive LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
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