# A rating of Caa1 is deep into speculative territory, colloquially known as “junk.” It is seven notches below the cut line between investment grade and non-investment grade debt.

*business · news · 2025-11-28 · FreightWaves*

## Key points

- Moody's downgraded Odyssey Logistics' debt rating twice in 2024 despite maintaining a stable outlook.
- Odyssey Logistics now holds a Caa1 Moody's rating, four notches above default and below S&P's B- grade.
- Odyssey's debt-to-EBITDA ratio is projected by Moody's to remain well above 7x this year.
- Odyssey faces significant refinancing risk in 2027 due to large debt maturities and a weak freight market.
- Odyssey is unusual among smaller 3PLs in having publicly traded debt rated by agencies.

**Companies:** C.H. Robinson, RXO, Odyssey Logistics, Echo Global Logistics

[Read the full story on FreightWaves](https://www.freightwaves.com/news/odyssey-logistics-hit-with-a-2nd-moodys-ratings-downgrade-since-september)

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