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Tough freight market hits Echo’s debt ratings, down a notch at S&P

October 30, 2023


The credit rating of Echo Global Logistics has taken a one-notch downward hit by S&P Global Ratings, with its interest costs rising and its revenue sliding on the back of the weaker freight market.

Moving to B- from B pushes the credit rating of Echo, which was acquired by The Jordan Co. two years ago, further into non-investment-grade territory. The entire class of B ratings is defined as “highly speculative.” At B-, it is six notches less than BBB-, the lowest investment-grade rating on the S&P scale.

S&P Ratings (NYSE: SPGI) did leave Echo’s recovery rating as a “3,” which means there would be a 50% to 75% chance of recovery in the event of a default.

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