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S&P lowers CSX outlook to negative
Standard & Poor's said it revised its outlook on CSX Corp. to negative from stable.
At the same time, the agency said it affirmed its ratings on the company, including the BBB- long-term corporate credit rating.
The outlook revision follows the company's announcement that it has invited two of the board members nominated by the Children's Investment Fund Management LLP to join the board immediately, S&P said, noting that it had previously indicated that it might revise CSX's outlook if two or more of the dissident shareholder nominees joined the board.
The outlook change reflects the longer-term possibility of a change in financial policy to a more aggressive one, the agency added.
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