Moody’s views Canadian Pacific positively

Moody’s Investors Service said it revised its outlook for Canadian Pacific Railway Co. to positive from stable and affirmed its Baa2 ratings.

"The positive outlook reflects our expectation that CPR's operating performance will continue to improve over the next 12 months in line with the company's guidance of single-digit revenue ton mile (RTM) growth in 2024 and that CPR will repay debt in order to reach its target financial leverage of 2.5x," said Jamie Koutsoukis, a Moody's analyst, in a press release.

The agency noted the railway is forecasting a low-single-digit percentage increase in RTMs for 2024.

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