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DBRS views Canadian Pacific positively
DBRS said it changed the trend on Canadian Pacific Kansas City’s (previously known as Canadian Pacific Railway Co.) to positive from stable and confirmed the credit ratings at BBB.
“The trend changes reflect the steadily improving financial profile with leverage projected to decline close to three times (x) in 2024 and the declining risk of the Kansas City Southern (KCS) integration outweighing the potential risk of an economic slowdown,” DBRS said in a press release.
Looking ahead, DBRS said it forecasts CPKC to post revenues topping $12 billion in 2023 and comfortably ahead of $13 billion in 2024.
“This revenue increase should be supported by volume growth and slowing price increases. DBRS Morningstar forecasts EBITDA to be above $5 billion in 2023 and above $5.5 billion in 2023 and cash flow generation to remain strong with free cash flow growing to above $1.3 billion in 2023 and to north of $1.5 billion in 2024,” the agency said.
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