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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.
Moody's downgraded Odyssey Logistics' debt rating twice in 2024 despite maintaining a stable outlook.
KEY POINTS
- 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.
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