S&P reaffirms Con-way investment grade rating, but outlook negative
By APMonday, August 17, 2009
S&P reaffirms Con-way investment grade rating
NEW YORK — Ratings agency Standard & Poor’s affirmed its BBB- rating for Con-way Inc. on Monday, but suggested that weak demand and competitive prices will continue to hurt the trucking company’s earnings and credit standing.
S&P also removed the company from immediate watch for a downgrade.
But the agency said its ratings outlook is negative as trucking industry demand remains weak, despite Con-way’s debt reduction and cost saving measures.
BBB- is the lowest level of investment grade ratings.
Shares closed down $1.92, or 4.2 percent, at $42.22.
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