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Moody's affirms Kansas City Southern
Moody's Investors Service said it affirmed the debt ratings of The Kansas City Southern Railway Co. and its holding company parent, Kansas City Southern senior implied at B1, senior secured bank loans at Ba3 and senior unsecured notes at B2. The outlook remains negative.
Moody's said this affirmation follows the announcement that Kansas City Southern will acquire the 51% voting interest in Grupo Transportacion Ferroviaria Mexicana SA de CV (senior unsecured at B2, negative) currently held by Grupo TMM SA.
Moody's said the affirmation recognizes that Kansas City Southern will increase its debt by about $79 million to fund the cash portion of the deal, as well as issue a $47 million pay-in-kind note to certain Grupo TMM shareholders payable if certain conditions are satisfied.
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