trending Market Intelligence /marketintelligence/en/news-insights/trending/2Tkw_3oC9YIu_rvU3irwIA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Moody's lowers outlook on FedEx to negative

Brazil Pay TV Down Record Amount In 2019, With Losses Continuing In Q1'20

Case Study: Transforming Sales Enablement Data at a Global Advertising and Media Firm

Impact of COVID 19 on US Video Entertainment Trends

Key Credit Risk Factors When Assessing Banks In The Context Of COVID-19

Moody's lowers outlook on FedEx to negative

Moody's lowered its outlook on FedEx Corp. to negative from stable, saying the aggressive financial policy of the delivery services giant could prevent it from meeting credit metrics that are in line with its current rating.

The rating agency said FedEx would be "hard-pressed" to achieve debt levels and credit metrics that are more supportive of its Baa2 rating if it continues to repurchase shares and fails to significantly reduce capital investment.

FedEx's stock buybacks have historically exceeded its free cash flow, according to Moody's, leading to an increase in funded debt and leaving little credit metrics cushion for periods of weaker demand and earnings.

Moody's said FedEx's consolidated margins will remain under pressure at least through fiscal 2021, due to weakening economic growth and the slower-than-expected integration of its TNT business.

Moody's affirmed FedEx's senior unsecured rating at Baa2 and its short-term rating at P-2.