Patriot Rail's $440M Refinancing

This is a BB news story, published by Yahoo Finance, that relates primarily to Moody’s news.

BB news

For more BB news, you can click here:

more BB news

News about interest rates

For more interest rates news, you can click here:

more interest rates news

Yahoo Finance news

For more news from Yahoo Finance, you can click here:

more news from Yahoo Finance

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like this article about interest rates, you might also like this article about

Shortline operator Patriot Rail

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest ratings agencies news, Long Term Issuer rating news, news about interest rates, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

Patriot Rail

FreightWaves

•

Business

Business & Economics

3 ratings agencies weigh in on Patriot Rail’s finances amid debt structure change

Summary

Nutrition label

89% Informative

Three ratings on same issue and company at the same issue is unusual.

The debt issue in question is a $440 million offering to pay down existing debt, pay a dividend to shareholders and cover transaction fees.

Fitch gave a notably higher rating of BB , three notches above the B2 rating from Moody’s .

“We view Patriot ’s business as stronger than before due to its increased size, reduced customer concentration, and expansion into new industries,” the agency wrote. “Since being acquired by its current sponsor Igneo, Patriot has exited its relatively low-margin port business, doubled its rail freight operations through acquisitions and some organic expansion, and diversified into adjacent markets like warehousing and transloading and excursion railroad operations.” The post 3 ratings agencies weigh in on Patriot Rail’s finances amid debt structure change appeared first on FreightWaves ..

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful