S&P cuts Western Express

Standard & Poor's said it lowered its corporate credit rating on Western Express Inc. to CCC from CCC+.

The outlook is negative.

At the same time, S&P lowered the issue-level rating on the company's $285 million 12½% notes to CCC- (one notch below the corporate credit rating) from CCC+, and revised its recovery ratings to 5 from 4.

"The downgrade reflects our doubts regarding the company's ability to service its existing debt or refinance debt coming due in September 2014," S&P credit analyst Anita Ogbara said in a news release.

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