GXO acquisition of Wincanton draws caution and praise from ratings agencies [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
Neither Moody's nor S&P Global Ratings reduced its credit rating on GXO (NYSE: GXO). At Moody's, the Ba1 corporate rating is one notch below investment-grade. The S&P Global (NYSE: SPGI) rating of BBB- is the lowest investment-grade rating. But both agencies put GXO on the equivalent of a watch list because of the additional debt the company will be taking on to acquire Wincanton. At S&P, that means the outlook for GXO goes to negative from stable; at Moody's (NYSE: MCO) , the proposed $971 million acquisition was declared “credit negative.” However, Moody's still has a “positive” outlook on GXO. Despite the financial issues raised in the report, that outlook remains in place and is not negated by the credit-negative declaration. The Wincanton board has recommended shareholders approve the GXO offer, rejecting an earlier deal to be acquired by Ceva Logistics. The concerns expressed by the ratings agencies are not that the acquisition is necessarily a bad move. They are driven
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website