SOURCE: Swift Transportation

June 08, 2007 15:10 ET

Standard & Poor's Raises Saint Corporation's Debt Ratings

PHOENIX, AZ--(Marketwire - June 8, 2007) - Standard & Poor's (S&P) announced yesterday that it had raised the bank loan ratings of Saint Corporation's First Lien Term Loan B debt and Revolving Credit Facility to "BB-" from "B+" and the issue ratings on its Senior Secured Second Lien debt to "B" from "B-." On May 30, 2007, S&P released its enhanced recovery rating scale and issue rating framework for speculative-grade recovery and issue ratings. This is a result of S&P's "initiative to answer the demand for greater clarity and specificity with respect to recovery prospects on different debt instruments and all types of issuers globally". As it relates to Saint Corporation, the improvement of the debt ratings is an acknowledgement of the strength of the underlying assets as security for the Company's debt.

Jerry Moyes, Chairman, President, and Chief Executive Officer of Saint Corporation (name change to Swift Corporation pending), the holding company of Swift Transportation Co., Inc., stated, "We are pleased with S&P's recognition of the strength of the security package that we have given our lenders. Saint Corporation is committed to providing our lenders with a solid credit that supports the confidence they expressed by loaning us money for our recent leveraged buy-out transaction."

Saint Corporation is the holding company for Swift Transportation Co., Inc., a truckload carrier headquartered in Phoenix, Arizona. Swift's trucking subsidiary operates the largest fleet of truckload carrier equipment in the United States consisting of 18,000 tractors, 49,000 trailers and 5,000 intermodal containers. Operating out of 31 major terminals in 26 states and Mexico, Swift provides strong regional operations, an expanding intermodal operation and various specialty and dedicated services to its customers while focusing on safety and service, through its 25,000 employees and independent contractors.

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