S&P affirms Pacific National

S&P said it affirmed its BBB- long-term issuer credit rating on Pacific National Holdings Pty Ltd. The outlook remains stable.

At the same time, the agency affirmed the BBB- issue rating on the company's senior unsecured debt.

“We affirmed the ratings on Pacific National due to its stable operations, continuing strong position in coal haulage segment and its leading position in the national intermodal segment,” S&P said in a news release.

“While the rating has adequate financial headroom, Pacific National's ability to sustain the level will, to some extent, depend on the timing and delivery of transformation initiatives identified by the management over the next two to three years.”

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