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October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.
Focused

KSU: Move to O/P, but Congestion Concerns Linger

Earnings Note: 23 Oct 2018, 5:05 AM ET - We are upgrading our recommendation on KSU bonds to Outperform following the favorable resolution on NAFTA/USMCA, which removes a major overhang on KSU although the ongoing network issues remain a concern and requires closer monitoring. 
Focused

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.
Focused

Kansas City Southern: 4Q17 – NAFTA Risk Looms

Worth Watching: 22 Jan 2018, 6:00 AM ET - Kansas City Southern 's (Baa3/BBB-) reported fourth quarter results exhibited broad-based improvements across commodity groups with chemical, petroleum, energy and automotive recording strong volume and revenue growth in the quarter. Revenue fo ..

January 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jan 2017, 10:49 PM ET - Our monthly report provides executive summaries for the fifty-eight company recommendation changes made on US companies during the month of January.
Focused

KSU 4Q16: Trade Uncertainties Cast a Shadow

Earnings Note: 22 Jan 2017, 9:09 PM ET - With its outsized exposure to Mexico, KSU is more at risk than any other class I rails if NAFTA is redrawn and tariffs result or the GOP’s proposed border adjustment tax is imposed on imports. Given these uncertainties we shift to an M/P.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.
Focused

KSU 3Q16: Weaker Peso, Flooding Weigh on Results

Earnings Note: 19 Oct 2016, 11:08 AM ET - Flooding related issues alongside energy and FX headwinds weighed on KSU’s 3Q16 results. Operating ratio in the quarter worsened by 170 bp YoY to 66.9%, but KSU’s credit profile remains stable and well within its low-BBB ratings tier. 

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 
Focused

Kansas City Southern: 10-Year New Issue

Worth Watching: 11 May 2016, 11:03 AM ET - Kansas City Southern (Baa3/BBB-/BBB) will issue $250 million 10-year notes.  Initial price talk was T+175-180 bp but it tightened to 150 bp.  The KSU 3 2023s are illiquid, but index pricing marks them at a G-Spread of 174 bp.  Proceeds will go ..
Focused

KSU 1Q16: Outlook Still Uncertain; Tone Improves

Worth Watching: 19 Apr 2016, 8:09 PM ET - KSU 1Q16 - Kansas City Southern's (Baa3/BBB-/BBB-) 1Q16 results reflected continued headwinds in utility coal as well as flooding, but margin performance was very strong, especially considering the weather-related challenges.  1Q16 revenue decr ..

Canadian Pacific: CP Ends M&A Effort, U/P to O/P

Company Analysis: 12 Apr 2016, 6:00 AM ET - CP ended its effort to acquire NSC, and Harrison comments suggest a subsequent pursuit of CSX is not forthcoming.  Investors should expect a new share repurchase program.
Focused

Kansas City Southern 4Q15: Good Cost Control

Worth Watching: 24 Jan 2016, 8:00 PM ET

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

December 2015 US Company Recommendation Changes

US Company Recommendation Changes: 31 Dec 2015, 9:01 AM ET - Our monthly report provides executive summaries for the twenty company recommendation changes made on US companies during the month of December.

2016 Outlook: Industrial Sector Recommendations

Strategy Outlook: 21 Dec 2015, 10:33 PM ET - We discuss 2015’s performance and detail our 2016 recommendations in the Industrial sector. 
Focused

Canadian Pacific: NSC Mgmt Change Becoming Focus

Earnings Note: 16 Dec 2015, 11:10 PM ET - This deal is becoming more about management change at NSC than about merging CP and NSC, a transaction that CreditSights continues to think is unlikely to be approved.

Norfolk Southern: NSC Rejects CP’s Bid

Company Analysis: 06 Dec 2015, 8:57 PM ET - NSC rejected CP’s bid but did not rule out an agreement at a higher price. NSC provided margin guidance, but there were not a lot of new ideas to spur confidence that profitability improvement will suddenly emerge.

Canadian Pacific: Proposes Merger with NSC

Company Analysis: 17 Nov 2015, 9:55 PM ET - CP offered to buy NSC for a $94.97 per share in a 49% cash/51% stock deal.  CreditSights continues to think that regulatory approval is unlikely but acknowledges that deal risk has grown.
Focused

Kansas City Southern: Tender KCSR and KCSM Bonds

Company Analysis: 13 Nov 2015, 4:50 PM ET - CreditSights recommends that both KCSR and KCSM bondholders tender their notes.  The KCSM decision is harder.

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