Just four months after it downgraded Forward Air’s debt rating, S&P Global Ratings has done it again.
Two downgrades in four months is viewed as unusually rapid and reflects not only the weak freight market but burdens unique to the less-than-truckload carrier.
Forward was cut to B+ by S&P Global in February. The latest move takes it down an additional notch to a B, which is five steps into non-investment-grade territory. There are 12 non-investment-grade ratings, with D for default at the...