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S&P cuts Odyssey Logistics
S&P said it lowered its ratings for Odyssey Logistics & Technology Corp. to B- from B, its first-lien term loan to B from B+ and its second-lien term loan to CCC from CCC+.
“After a relatively weak 2019, we expect credit ratios to deteriorate further in 2020. Odyssey's 2019 performance was somewhat lower than our previous expectations, with revenues declining in the low-single-digit percent area due to weakness in the trucking and intermodal segments. We now expect debt to EBITDA to increase significantly to more than 8x in 2020 from the low-6x area in 2019, and funds from operations (FFO) to debt to decline to the mid-single-digit percent area in 2020 from the high-single-digit percent area in 2019,” the agency said in a press release.
The outlook is stable.
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