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Fitch affirms Kirby ratings; outlook stable

Fitch affirms Kirby ratings on $450 million of debt, and says outlook is stable

  • On 1:41 pm EDT, Friday September 11, 2009

CHICAGO (AP) -- Fitch Ratings said on Friday it affirmed marine transportation company Kirby Corp.'s issuer default rating, and ratings on senior unsecured debt and its unsecured credit facility at "BBB."

Fitch said the investment-grade ratings cover $200 million in senior unsecured notes and a $250 million revolving line of credit. It said its rating outlook is stable.

Fitch said Kirby continues to have financial flexibility. The drop in demand has hurt pricing, but Fitch wrote that it expects pricing to improve as demand stabilizes.

Kirby shares fell 20 cents to $38.61 in afternoon trading.

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