CSX Corp. $350 Million Senior Unsecured Notes Rated 'BBB' May 11
- ID: 1807844
- May 2011
- Standard & Poors
NEW YORK (Standard & Poor's) May 27, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'BBB' issue-level rating to CSX Corp.'s $350 million senior unsecured notes due 2021. CSX will use proceeds from the debt issuance for repayment of outstanding indebtedness, repurchases of common stock, capital expenditures, working capital requirements, and general corporate purposes. The ratings on Jacksonville, Fla.-based CSX reflect the company's strong competitive position as one of the two large eastern U.S. freight railroads. The favorable characteristics of the North American freight railroad industry include limited cyclicality, high barriers to entry, and access to low-cost equipment financing. Price competition from other railroads and trucking companies, as well as the capital intensity of the industry,...
Companies mentioned in this report are: CSX Corp.
Action: New Rating
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