S&P: US Xpress view negative

Standard & Poor's said it revised the outlook on U.S. Xpress Enterprises Inc. to negative from stable and affirmed its B+ long-term corporate credit rating.

"The outlook revision reflects heightened concerns over the company's covenant headroom and liquidity position over the next year, given continuing weakness in the U.S. economy and its highly leveraged capital structure and minimal debt amortization," S&P analyst Anita Ogbara said in a statement.

Ratings reflect the intensely competitive, highly fragmented cyclical truckload market and the company's highly leveraged capital structure, the agency said.

This is partially offset by the company's meaningful business position as a major carrier with good customer, end-market and geographic diversity, S&P said.

As of Dec. 31, pro forma total debt-to-EBITDA ratio was about 6x.

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