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S&P: Pacer outlook positive
Standard & Poor's said it revised the outlook on Pacer International Inc. to positive from stable.
The BB- corporate credit and senior secured ratings on the company were affirmed. At the same time, a recovery rating of 2 was assigned to the company's credit facility.
S&P said the outlook revision reflects Pacer's improving financial profile and the potential for an upgrade if management remains committed to using free cash flow to reduce debt.
S&P said ratings reflect Pacer's high (albeit declining) debt leverage and exposure to cyclical pressures (especially in its logistics business), partially offset by a solid niche position in the freight transportation and logistics industry and a somewhat variable cost structure.
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