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Canadian Pacific Railway Ltd. CCR Lowered To 'BBB-' From 'BBB' On Slower Pace Of Deleveraging; Outlook Stable
Standard & Poors, May 2011
Abstract
We are lowering our long-term corporate credit rating on Calgary, Alta.-based Canadian Pacific Railway Ltd., and the company's 100%-owned subsidiary Canadian Pacific Railway Co. (collectively, CP), to 'BBB-' from 'BBB'; we note that the ratings on CP had been on negative outlook since late-2007. At the same time, we are lowering our rating on the company's senior unsecured debt to 'BBB-' from 'BBB'. The downgrade primarily reflects the company's slower pace of deleveraging relative to our previous expectations. The stable outlook reflects our view that improving demand for rail freight transport combined with operational efficiencies should allow the company to steadily improve credit protection metrics to levels more consistent with the ratings. TORONTO (Standard & Poor's) May 17, 2011--Standard &...
Companies mentioned in this report are: Canadian Pacific Railway Ltd.
Action: Downgraded
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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