Moody’s raises Kirby to Baa2

Moody's Investors Service said it upgraded Kirby Corp.’s senior unsecured issuer rating to Baa2 from Baa3.

The outlook is stable. This action resolves the review for upgrade initiated on June 16 when the agency changed its approach for standard adjustments for operating leases.

Moody’s said the upgrade reflects the combination of (a) Kirby's leading market position and profit margins in the inland tank barge sector, strong balance sheet and credit metrics, good liquidity and track record of de-levering following acquisitions; and (b) the strengthening of credit metrics from the reduction in adjusted debt following the adoption in June 2015 of a 3 times multiple when capitalizing operating leases for shipping companies.

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