(Reuters circulated the following article on May 18.)
NEW YORK — Standard & Poor’s on Wednesday revised CSX Corp.’s outlook to stable from negative and upgraded the railroad operator’s short-term debt ratings, citing the company’s plans to buy back up to $1 billion of debt.
An outlook revision to stable signals that S&P is less likely to cut CSX’s debt ratings over the next two years. The company has about $8 billion of debt, including leases.
S&P upgraded CSX’s short-term debt rating to “A-2” from “A-3” and affirmed the company’s long-term corporate credit rating of “BBB,” which is two steps above junk.