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The rating service also underscored the risk of further downgrades in the medium term as implied by the "negative" outlook.
The company's existing USD325m (EUR220m) revolving credit facility, which expires May 2012, landed a recovery rating of 2 indicating substantial (70%-90%) recovery prospects. However, the rating service cut to BBB- from BBB+ the rating on this facility.
Arkansas Best posted an operating loss of USD12.2m for July to September due to falling tonnage and soft pricing. The deterioration in the company's financial performance has limited the room under its revolver covenants, increasing the risk of a covenant breach in the final quarter of the year, the analysts said explaining the downgrade.
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