(The Associated Press circulated the following article on May 24.)
NEW YORK — Moody’s Investors Service said Wednesday it is no longer considering cutting the credit rating of rail operator CSX Corp.
Citing improved arrival and departure punctuality, as well as debt reduction, Moody’s changed the outlook on CSX senior unsecured debt at Baa2 to “Stable” from “Negative.”
While CSX’s turnaround is not yet complete, Moody’s added, “The expectation of conservative financial practices and maintaining high quality liquidity also support the stable outlook.”
Shares of CSX fell $1.58 to $64.89 in afternoon trading on the New York Stock Exchange. CSX shares traded in a range of $41.02 to $74.65 in the past 52 weeks.