Moody's affirms CSX

Moody's Investors Service said it affirmed the debt ratings of CSX Corp. - senior unsecured at Baa2 and short-term at Prime-2.

The outlook remains negative.

This affirmation follows the company's announcement of a tender offer for up to $1 billion of its long-term bonds.

Moody's said the ratings and outlook consider that despite the benefits of reduced debt following the tender offer, CSX continues to demonstrate relatively weak operating trends. Although the current high level of demand for rail transport services and a more favorable pricing environment have facilitated some improvement in CSX's earnings and cash flow, the company continues to under-perform its railroad peers.

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