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Moody’s: Kansas City unaffected by share repurchases
Moody’s Investors Service said the Baa3 debt ratings of Kansas City Southern’s wholly-owned subsidiaries, Kansas City Southern Railway Co. and Kansas City Southern de Mexico, SA de CV are unaffected by news of the group’s $500 million share repurchase authorization.
This new authorization occurs amid weakness in certain end-markets for Kansas City Southern, elevated capital expenditures and some lingering service issues, Moody’s said.
The share repurchases are expected to be funded partially with incremental debt, although the elevated financial leverage remains within expectations for the Baa3 rating level, the agency said.
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