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Fitch: CSX outlook positive
Fitch Ratings said it affirmed CSX Corp.'s long-term issuer default rating, senior unsecured rating and unsecured bank facility rating at BBB- and changed the outlook to positive from stable.
The agency said CSX's ratings and outlook reflect the class I railroad operator's strengthened operational performance and expectations of an improving financial profile as the company leverages efficiencies gained during the recession to grow its margins and free cash flow.
The most significant risk to CSX's credit profile is the potential for an unexpected slowing or reversal of the economic growth trends currently forecasted, leading to a corresponding weakening of freight demand, Fitch said.
The lease-adjusted debt-to-EBITDAR ratio was 3 times at the end of the first quarter.
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