S&P Puts FedEx on CreditWatch Negative
On Dec. 30, 2003, Standard & Poor's Ratings Services placed its ratings on Memphis, Tenn.-based FedEx Corp. (FDX ) and subsidiaries, including the 'BBB' corporate credit rating, 'BBB' senior unsecured debt rating, 'A-2' commercial paper rating and various aircraft backed debt ratings, on CreditWatch with negative implications following the company's announcement that it is acquiring privately held Kinko's Inc. for $2.4 billion in cash (about 1.2x revenues). The transaction is expected to close in the first calendar quarter of 2004. FedEx has about $11 billion of lease-adjusted debt.
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