RXO gets negative outlook from Moody's but keeps investment-grade rating [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
But it is now under threat as Moody's has changed its outlook on RXO (NYSE: RXO) to negative from stable. At the same time, Moody's affirmed that initial investment-grade rating of Baa3 given in 2022. The Moody's rating is particularly notable — and valuable — to RXO because the company's rating at competing ratings agency S&P Global (NYSE: SPGI) is BB+, one notch below investment grade. The report by Moody's (NYSE: MCO) attributes the weaker outlook directly to the state of the freight market. “The negative outlook reflects Moody's view that RXO's credit metrics will be weak through the remainder of 2024 given the prolonged weakness in the freight transportation sector that will not improve materially until the second half of 2024,” the ratings agency writes. A key metric for the ratings agencies is debt to earnings before interest, taxes, depreciation and amortization. Moody's said it believes that ratio at RXO will remain above 2.5X for the next 12 months. In discussing th
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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