S&P rates U.S. Xpress notes B+

S&P said it assigned its B+ corporate credit rating to U.S. Xpress Enterprises Inc. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating and 3 recovery rating on the company's proposed $320 million senior secured notes due 2024. The 3 recovery rating indicates an expectation for meaningful (50%-70%; upper half of the range) recovery in the event of a payment default.

“Our ratings on U.S. Xpress reflect the company's participation in the highly fragmented, cyclical, and capital-intensive truckload (TL) market,” said S&P credit analyst Michael Durand in a news release.

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