Moody’s ups CSX Transportation debt

Moody's Investors Service said it affirmed the long-term ratings of CSX Corp., including the Baa1 senior unsecured rating.

The agency also upgraded the senior unsecured rating of CSX Transportation, Inc. to A3 from Baa1 and affirmed the Aa3 rating of the secured equipment notes due 2023 issued by CSX Transportation.

The outlook is stable.

The agency said the senior unsecured rating considers the company's position as one of two major freight railroads in the eastern United States with a diversified freight mix and operating margins that are likely to continue an upward trajectory, to about 37% in 2018 in Moody's estimates, with further upside potential in 2019.

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