New York, January 28, 2014 -- Moody's Investors Service ("Moody's") has assigned a (P)Ba3 rating to the $700 million first lien term loan that YRC Worldwide Inc. ("YRCW") plans to arrange as part of a refinancing of its capital structure. This refinancing is expected to include the exchange or conversion of Series B Convertible Notes into equity. Pursuant to its normal practice, Moody's is likely to recognize a limited default upon the exchange or conversion of these Series B Convertible Notes when this exchange or conversion occurs. Pending the completion of the refinancing, YRCW's Corporate Family Rating ("CFR") is affirmed at Caa3. Moody's has revised the outlook to positive from negative, as a successful completion of YRCW's refinancing has become very likely, following yesterday's announcement that union members voted in favor of a revised proposal to amend and extend its collective bargaining agreement.

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