S&P affirms Genesee & Wyoming

S&P said it affirmed all of its ratings on Genesee & Wyoming Inc., including the BB corporate credit rating.

The outlook remains negative.

"The affirmation follows Genesee's announcement that it has agreed to acquire GRail, the internal rail haulage operator of Australia-based mining company Glencore PLC, for approximately $877 million," S&P credit analyst Tatiana Kleiman said in a news release.

"As part of this transaction, Genesee also plans to sell a 49% stake in its Australian operations to Macquarie Infrastructure and Real Assets (MIRA)."

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