reports
Moody's affirms Canadian Pacific's Baa2 senior unsecured rating; chang...
Moody's Investors Service (Moody's) affirmed the senior unsecured debt of Canadian Pacific Railway Company (CPR) at Baa2, its backed senior unsecured rating at Baa2, its senior unsecured shelf rating at (P)Baa2 and its P-2 Commercial Paper rating. The outlook was changed to positive from stable. ...
- Moritz Steinbauer
- Robert Streda
- Scott Rattee
- Vineet Khattar
No Port in Sight: West Coast Port Strikes Meaningfully Disrupting Cert...
DBRS Morningstar believes that the ongoing west coast port strikes are seriously disrupting supply chains in the near term as trade comes to a halt. This is causing significant operational disruptions to multiple sectors including the automobile, industrial, railway, fertilizer, and retail sectors. It will also take increasingly longer for supply chains to stabilize relative to the length of the strikes. Despite the significantly disruptive nature of the strikes, we expect that the crisis will...
- Moritz Steinbauer
- Timothy O'Brien
- Vineet Khattar
- Moritz Steinbauer
- Timothy O'Brien
- Vineet Khattar
- Moritz Steinbauer
- Timothy O'Brien
- Vineet Khattar
North American 2023 Railway Outlook: Railways Chugging Along Despite a...
DBRS Morningstar’s neutral 2023 outlook for the North American railway sector reflects our view that the credit risk profiles of railroads in our portfolio will continue to remain supportive of their current ratings. Despite elevated inflation and interest rates, and our projection of an overall economic slowdown, we forecast railways to show resilient revenue and flat to modestly weakening margins, which should support stable cash flow generation. We believe railways will mitigate margin pressu...
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
Why Climate Change Is Unlikely to Derail Canadian Railway Credit Ratin...
This commentary focuses on climate change impacts on Canadian National Railway Company (CN) and Canadian Pacific Railway Company (CP) operations and infrastructure in response to acute and chronic climate events. We discuss the financial materiality of such extreme weather events on the credit profiles of the Canadian railways vis-à-vis their structural characteristics, notably the large size and scale of their operations, strong liquidity, and the resilience of their balance sheets and business...
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
DBRS Morningstar Confirms Canadian National Railway Company’s Commerci...
Please refer to PDF document for more detail about our research: DBRS Morningstar Confirms Canadian National Railway Company’s Commercial Paper Rating at R-1 (low), Stable Trend, After the Program’s Amendment and Upsizing to $2.5 Billion
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
- Timothy O'Brien
DBRS Morningstar Reviews Canadian National Railway Company’s New Strat...
On September 17, 2021, Canadian National Railway Company (CN or the Company) reaffirmed its 2021 outlook and unveiled its strategic roadmap. The key announcements included the following: -- Cost reduction measures aimed at growing operating profits and reducing the operating ratio (OR). -- A review of the nonrail assets, including freight-forwarding services and vessels, which could be either partly or fully divested, also with the aim of lowering the OR. -- A reduction in CN's capital expend...
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
- Amaury Baudouin
- Charles Halam-Andres
- Raja Kalra
DBRS Morningstar Views Canadian Pacific Railway Company's Revised Bid ...
DBRS Limited (DBRS Morningstar) published a commentary reviewing Canadian Pacific Railway Company's (CP Rail; rated BBB (high) and Under Review with Negative Implications by DBRS Morningstar) revised bid for Kansas City Southern (KCS) made on August 10, 2021. DBRS Morningstar continues to be of the view that a negative rating action on CP Rail could be limited to one notch if the transaction with KCS closes. Under the revised proposal, CP Rail has agreed to acquire KCS in a stock and cash transa...
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