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Moody’s ups Kansas City Southern
Moody's Investors Service said it upgraded the senior unsecured ratings of Kansas City Southern and Kansas City Southern Railway Co. to Baa2 from Baa3.
The agency also upgraded the short-term rating of Kansas City Southern to Prime-2 from Prime-3.
The outlook is stable.
Moody’s said the upgrade reflects an expectation that a continuing improvement in free cash flows, along with consistently moderate financial leverage, is expected to mitigate a negative impact on Kansas City Southern of potential changes in the U.S. trade relations with Mexico.
The agency said it estimates that free cash flow will increase to about $350 million in 2018, while debt/EBITDA edges down to 2.1 times.
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