Moody’s shifts BNSF view to positive

Moody’s Investors Service said it revised its outlook for Burlington Northern Santa Fe, LLC to positive from stable.

The agency also affirmed BNSF’s A3 senior unsecured rating and the Aa2 ratings of the pass-through certificates, A1 rating of the consolidated mortgage bonds and Aa2 ratings of equipment trust certificates issued by the company's main operating subsidiary, BNSF Railway Co. It also affirmed the Baa2 backed preferred stock rating of BNSF Funding Trust I.

“The ratings affirmation and positive outlook reflect Moody's expectation that BNSF's operating performance will continue to improve over the next 12 months from a rebound in freight volumes and pricing in 2024. Moody's also expects BNSF to maintain its good profit margins, strong interest coverage and debt to EBITDA in the low 2x,” the agency said in a press release.

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