April 5 - Standard & Poor's Ratings Services today raised its issue rating on the senior secured second-lien notes of Swift Services Holdings Inc. to 'B+' from 'B'. We simultaneously revised our recovery rating on the notes to '4' from '5' to reflect our greater recovery expectations in a simulated payment default. The '4' recovery rating indicates that we now expect noteholders would receive average (30%-50%) recovery. Swift Services Holdings Inc. is a subsidiary of Phoenix, Ariz.-based trucking company Swift Transportation Co. We revised our second-lien recovery expectations following the projected reduction of first-lien claims that will result from scheduled amortization of Swift Transportation Co. LLC's recently closed $200 million B-1 term loan. Our simulated default scenario involves the loss of a major customer (or two) in 2015 amid higher fuel prices, rising interest rates, and lower economic activity. This would result in lower revenue in 2014 and 2015 and pressure on margins from rising costs leading to bankruptcy in 2015. We believe that lenders would achieve greatest recovery value through reorganization of the company rather than liquidation. For the complete recovery analysis, please see our recovery report on Swift Transportation Co., to be published following this release on RatingsDirect. RELATED CRITERIA AND RESEARCH -- Summary: Swift Transportation Co., Jan. 27, 2012 -- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008 RATINGS LIST Swift Transportation Co. Corporate credit rating B+/Stable/-- Issue Rating Raised; Recovery Rating Revised To From Swift Services Holdings Inc. Senior secured (second lien) $500 mil. 10% notes due 2018 B+ B Recovery rating 4 5 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.