Research Update: Odyssey Logistics And Technology Corp. Downgraded To 'B-'; Outlook Stable

Odyssey Logistics and Technology Corp.'s 2019 financial performance was weaker than we previously anticipated, and we now expect its credit metrics to be materially lower in 2020 due to the effects of sharply lower industrial activity and consumer demand stemming from the coronavirus pandemic on its intermodal and trucking operations. As a result, we are lowering the issue-level rating on Odyssey to 'B-' from 'B'. We are also lowering our issue-level rating on the company's first-lien term loan to 'B' from 'B+' and the second-lien term loan to 'CCC' from 'CCC+'. The stable outlook reflects our expectation that although the company's financial performance will be constrained in 2020, credit metrics will remain commensurate with the new rating. Although we expect

...- Odyssey Logistics and Technology Corp.'s 2019 financial performance was weaker than we previously anticipated, and we now expect its credit metrics to be materially lower in 2020 due to the effects of sharply lower industrial activity and consumer demand stemming from the coronavirus pandemic on its intermodal and trucking operations. - As a result, we are lowering the issue-level rating on Odyssey to 'B-' from 'B'. - We are also lowering our issue-level rating on the company's first-lien term loan to 'B' from 'B+' and the second-lien term loan to '###' from '###+'. - The stable outlook reflects our expectation that although the company's financial performance will be constrained in 2020, credit metrics will remain commensurate with the new rating....

Research Update