Transportation Industry
Moody's cuts debt rating for LTL group USF Corp.
Transport Topics, September, 2003 by Anonymous
Less-than-truckload carrier USF Corp. had its rating on $250 million of senior unsecured debt lowered by Moody's Investors Service, in part because operating margins have fallen at two of its carriers.
The one-level reduction was to Baal from A3, Moody's said in a Sept. 5 statement. The rating service said the move was based on "concern over the near-term costs and potential for operational inefficiency," as well as wider losses at USF Red Star and slipping profit at USF Dugan.
USF Red Star's pre-tax loss for each dollar of sales more than doubled to 6.2 cents in the first half, USF said when it reported second-quarter results July 29. USF Dugan's profit per dollar of sales fell to 0.4 cent in the first half of this year from 1.4 cents. USF does not report dollar amounts...
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